Last updated on June 04th, 2022
Written by: Rick Pendykoski
1. 401(K) Contributions Limits and Deadlines for 2022 and 2023
401(k) Contribution Deadlines
- Tax-year 2022 deadline is April 18th, 2023 (You may request an extension)
- Tax-year 2021 deadline is April 18th, 2022 (You may request an extension)
401(k), 403(b) and 457 Plan Contribution Limits for 2022 and 2023
The chart below provides a breakdown of the rules and limits for defined contribution plans 401(k), 403(b), and most 457 plans
Here is the 403(b), 457 and 401(K) maximum contribution limit for the year 2023-2022.
| Defined Contribution Plan Limits | 2023 | 2022 | Change |
| Elective contributions for all eligible workers | $20,500 | $20,500 | no change |
| Catch-up contributions for workers 50 and over | $7,500 | $6,500 | +$1000 |
| Defined contribution maximum from all sources for workers under 50 | $66,000 | $61,000 | +$5000 |
| Defined contribution maximum from all sources for workers 50 and over | $73,500 | $67,500 | +$6000 |
| Employee compensation limit for calculating contributions | $330,000 | $305,000 | +$25,000 |
| Key employees’ compensation threshold for nondiscrimination test testing | $215,000 | $200,000 | +$15,000 |
| Highly compensated employees’ threshold for nondiscrimination testing* | $150,000 | $135,000 | +$15,000 |
* For the 2023 plan year, an employee who earned more than $150,000 in 2022 is an HCE. For the 2022 plan year, an employee who earns more than $135,000 in 2021 is an HCE.
2. Solo 401k Contributions Limits and Deadlines for 2023 and 2022
Solo 401k Contribution Limits 2022-23
In Solo 401(k), the business owner is the employer and the employee. Thus, contributions to a Solo 401(k) can be made in both the capacities. Contributions to a Solo 401(k) consist of two types as follows:
1. Elective deferrals known as Employee Contributions.
| 2023 | 2022 | |
| Maximum elective deferral | $22,500 | $20,500 |
| Catch-up contribution for age 50 or older | $7,500 | $6,500 |
2. Profit sharing also known as Employer Contribution.
| 2023 | 2022 | |
| Maximum employer contribution | $43,500 | $40,500 |
| Catch-up contribution for age 50 or older | $7,500 | $6,500 |
Important note: For 2023, if the business owner decides to take the full $22,500 for the elective deferral, then he/she is limited to making only $43,500 in profit-sharing contributions, thus ensuring the contribution does not exceed $66,000.
For 2022, if the business owner decides to take the full $20,500 for the elective deferral, then he/she is limited to making only $40,500 in profit-sharing contributions, thus ensuring the contribution does not exceed $61,000.
Need Help with your 401(k)?
