| Plan/IRA Limits |
2022 |
2021 |
2020 |
| 401(k), 403(b), and SARSEP maximum deferral |
$20,500 |
$19,500 |
$19,500 |
| 457 maximum deferral |
$20,500 |
$19,500 |
$19,500 |
| Catch-up for 401(k), 403(b), SARSEP, and 457 |
$6,500 |
$6,500 |
$6,500 |
| SIMPLE election maximum deferral |
$14,000 |
$13,500 |
$13,500 |
| Catch-up for SIMPLE |
$3,000 |
$3,000 |
$3,000 |
| Defined Benefit-annual benefit |
$245,000 |
$230,000 |
$230,000 |
| Defined Contribution-annual contributions |
$61,000 |
$58,000 |
$57,000 |
| IRA limit |
$6,000 |
$6,000 |
$6,000 |
| IRA catch-up |
$1,000 |
$1,000 |
$1,000 |
|
|
|
|
| Compensation Limits |
2022 |
2021 |
2020 |
| Maximum compensation |
$305,000 |
$2900,000 |
$285,000 |
| SEP annual compensation floor |
$650 |
$650 |
$600 |
|
|
|
|
| Highly Compensated Employees |
2022 |
2021 |
2020 |
| Any employee compensation |
$135,000 |
$130,000 |
$130,000 |
|
|
|
|
| Key Employees |
2022 |
2021 |
2020 |
| Officer compensation |
$200,000 |
$185,000 |
$185,000 |
| 1% owner |
$150,000 |
$150,000 |
$150,000 |
|
|
|
|
| Covered Compensation Limits |
2022 |
2021 |
2020 |
| Social Security |
$147,000 |
$142,800 |
$137,700 |
|
|
|
|
| IRA Phase-out Range and Limits |
2022 |
2021 |
2020 |
| Single Covered by employer plan |
$68,000-78,000
|
$66,000-76,000
|
$65,000-75,000
|
| Married filing jointly Covered by employer plan |
$109,000-129,000
|
$105,000-125,000
|
$104,000-124,000
|
| Married filing jointly Not covered but spouse is covered |
$204,000-214,000
|
$198,000-208,000
|
$196,000-206,000
|
|
| Roth IRA Phase-out Range and Limits |
2022 |
2021 |
2020 |
| Single |
$129,000-144,000
|
$125,000-140,000
|
$124,000-139,000
|
| Married filing jointly |
$204,000-214,000
|
$198,000-208,000
|
$196,000-206,000
|
Copyright © 2023 Benefit Design Services Corporation |
5010 Campuswood Dr, Suite 105, East Syracuse, NY 13057 (map) |
Phone: (315) 437-2484 |
Contact
(315)437-2484
5010 Campuswood Dr, Ste 105, E. Syracuse, NY
