The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. Limits by plan type (IRA, 401(k), SEP, SIMPLE IRA, 403(b), 457(b), defined benefit) 2023 cost-of-living adjustments for pension plans and retirement-related items (IR-2022-188) COLA TablePDF for prior years' dollar limitations and Internal Revenue Code references. IRAs 2023 2022 2021 2020 2019 IRA Contribution Limit $6,500 $6,000 $6,000 $6,000 $6,000 IRA Catch-Up Contributions 1,000 1,000 1,000 1,000 1,000 Traditional IRA AGI Deduction Phase-out Starting at 2023 2022 2021 2020 2019 Joint Return 116,000 109,000 105,000 104,000 103,000 Single or Head of Household 73,000 68,000 66,000 65,000 64,000 SEP 2023 2022 2021 2020 2019 SEP Minimum Compensation 750 650 650 600 600 SEP Maximum Contribution 66,000 61,000 58,000 57,000 56,000 SEP Maximum Compensation 330,000 305,000 290,000 285,000 280,000 SIMPLE Plans 2023 2022 2021 2020 2019 SIMPLE Maximum Contributions 15,500 14,000 13,500 13,500 13,000 Catch-up Contributions 3,500 3,000 3,000 3,000 3,000 401(k), 403(b), Profit-Sharing Plans, etc. 2023 2022 2021 2020 2019 Annual Compensation 330,000 305,000 290,000 285,000 280,000 Elective Deferrals 22,500 20,500 19,500 19,500 19,000 Catch-up Contributions 7,500 6,500 6,500 6,500 6,000 Defined Contribution Limits 66,000 61,000 58,000 57,000 56,000 ESOP Limits 1,330,000 265,000 1,230,000 245,000 1,165,000 230,000 1,150,000 230,000 1,130,000 225,000 Other 2023 2022 2021 2020 2019 HCE Threshold 150,000 135,000 130,000 130,000 125,000 Defined Benefit Limits 265,000 245,000 230,000 230,000 225,000 Key Employee 215,000 200,000 185,000 185,000 180,000 457 Elective Deferrals 22,500 20,500 19,500 19,500 19,000 Control Employee (board member or officer) 130,000 120,000 115,000 115,000 110,000 Control Employee (compensation-based) 265,000 245,000 235,000 230,000 225,000 Taxable Wage Base 160,200 147,000 142,800 137,700 132,900 Topics for Retirement Plans Individual Retirement Arrangements (IRAs) Types of Retirement Plans Retirement Topics — Required Minimum Distributions (RMDs) Retirement Plans Frequently Asked Questions (FAQs) Retirement Plan Forms and Publications Correcting Plan Errors Retirement Topics Tax Exempt & Government Entities Division At-a-Glance Retirement Plans
