Contribution limits to retirement accounts have changed. Have you updated your contribution amounts?
The IRS has changed the contribution limits for those who participate in their 401(k), 403(b), most 457 plans, and the TSP (Thrift Savings Plan). The annual limit increased by $1,000. The limit for 2022 is $20,500. The catch-up provision for those over age 50 remains $6,500. SIMPLE IRAs have increased $500 to $14,000 for 2022. The catch-up provision for a SIMPLE IRA is $3,000 for those over age 50.
The contribution limits have not changed for Traditional IRAs and Roth IRAs. $6,000 is the 2022 limit for Traditional IRA and Roth IRA contributions. For those over age 50, the catch-up provision is $1,000.
HSA (Health Savings Account) contribution limits have also been increased. The individual maximum contribution limit is $3,650 and the family contribution limit is $7,300. For those over age 55, the catch-up provision is $1,000.
There are no annual limits for 401(k) rollovers.