The Internal Revenue Service recently released increased 401(k) contribution limits for next year. In 2023, you are allowed to contribute $22,500 to a 401(k) if you are 49 years old or younger. If you are 50 years or older you are allowed to contribute $30,000. This is a significant increase in the thresholds from 2022.
401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 | Internal Revenue Service
IR-2022-188, October 21, 2022
Please remember that you are allowed to change your 401(k) election on a monthly basis. If you would like to change your percentage, please contact Tom Barry, tombarry@amesco.com.
We will mail out W-2s in January. If you need to change your address, please contact Kirsten Gilman, kirstengilman@amesco.com