2023 Annual Additions Limit + Catch-up = $74,500 ?
For 2023, it looks like the 415 annual additions limit will be $67,000, and the catch-up limit will be $7,500. Is the combination of these two limits ($74,500) the grand total of what could be added to someone’s defined benefit plan for 2023 assuming a person qualifies for such large amounts?
Permalink Submitted by Alan - IRA critic on Sun, 2022-10-23 16:29
The annual additions limit was announced at 66,000, not 67,000. See IRS Notice 2022-55. Catchup for most qualified plans is 7,500. These limits are for DC plans, not DB plans. For a 401k plan, maximum statutory total contributions with catch up would be 73,500.