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How much can I contribute to a 401(k) if I'm over 50 in 2022?
For 2022, your individual 401 (k) contribution limit is $20,500, or $27,000 if you’re age 50 or older. For 2023, 401 (k) contribution limits for individuals are $22,500, or $30,000 if you’re 50 or older. These individual limits are cumulative across 401 (k) plans.What is the 401(k) limit for 2022?
For 2022, your individual 401 (k) contribution limit is $20,500, or $27,000 if you’re age 50 or older. For 2023, 401 (k) contribution limits for individuals are $22,500, or $30,000 if you’re 50 or older.What are the tax advantages of contributing to a 401(k) in 2022?
Thanks to a higher-than-normal annual inflation rate of 5.4%, the Internal Revenue Service (IRS) says it will allow taxpayers to contribute up to $20,500 to their 401 (k) and some other retirement accounts in 2022, a $1,000 boost from 2021 contribution limits. 1 2