IRS increases limits on retirement contributions

The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement- related items for tax year 2023 in Notice 202255, posted on IRS.gov...

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