IRS Benefit Plan Limits For 2023.pdf

IRSBenefitPlanLimits2023.pdf
Preview of IRS Benefit Plan Limits for 2023
🔗 Source: commonwealth.com
📊 Size: 80 KB
👤 Author: Jameel Clouden
⬇️ Downloads: 96

Summary

The Internal Revenue Service released Notice 2022-55, announcing cost-of-living adjustments for 2023, including:
• Elective deferral limit increase from $20,500 to $22,500
• Catch-up contribution limit increase from $6,500 to $7,500 for employees 50 and older
• Aggregate contribution limit increase from $61,000 to $66,000 for defined contribution plans
• Annual compensation limit increase from $305,000 to $330,000
• Limitation on annual benefit under defined benefit plans increase from $245,000 to $265,000
• Dollar limit for "key employee" increase from $200,000 to $215,000 and "highly compensated employee" from $135,000 to $150,000.

Description

The Internal Revenue Service released Notice 2022-55, announcing cost-of-living adjustments for 2023, including:
• Elective deferral limit increase from...

Technical Information

  • File Format: PDF
  • File Size: 80 KB
  • Pages: 2
  • Language: EN
  • Author: Jameel Clouden
  • Total Downloads: 96
  • Last Updated: 3 weeks ago

Document Overview

This PDF document about IRS Benefit Plan Limits for 2023 provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into IRS Benefit Plan Limits for 2023.

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