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401(k) Contribution Limits and Deadlines for 2022 & 2021

Last updated on June 04th, 2022
Written by: Rick Pendykoski

1. 401(K) Contributions Limits  and Deadlines for 2020 and 2021

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 2021 and 2022

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 2022-2021.

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.

 

2022 2021
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.

 

2022 2021
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)?

Contact Rick