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| 2022 | 2021 | |
| 401(k), 403(b), 457 |
||
| Annual compensation limit |
$305,000 | $290,000 |
| Defined contribution limit |
$61,000 | $58,000 |
| Elective deferral limit |
$20,500 |
19,500 |
| Catch-up contribution limit (age 50+) |
$6,500 |
$6,500 |
| SIMPLE Plans |
||
| Elective deferral limit |
$14,000 | $13,500 |
| Catch-up contribution limit (age 50+) |
$3,000 |
$3,000 |
| SEP Plans |
||
| Annual compensation limit |
$305,000 | $290,000 |
| Elective deferral limit |
$20,500 |
$19,500 |
| Minimum compensation limit |
$650 |
$650 |
| Catch-up contribution limit (age 50+) |
$6,500 |
$6,500 |
| Traditional and Roth IRAs |
||
| Annual contribution limit |
$6,000 |
$6,000 |
| Catch-up contribution limit (age 50+) |
$1,000 |
$1,000 |
| Health Savings Accounts |
||
| Annual contribution limit for family | $7,300 |
$7,200 |
| Annual contribution limit for individual |
$3,650 |
$3,600 |
| Other |
||
| Social Security taxable wage base |
$147,000 |
$142,800 |
| Definition limit for highly compensated employee |
$135,000 |
$130,000 |
| Definition limit for key employee |
$200,000 |
$185,000 |
| Annual benefit limit for defined benefit plans |
$245,000 |
$230,000 |
| ESOP 5-year distribution threshold |
$1,230,000 |
$1,165,000 |
| ESOP additional year threshold |
$245,000 |
$230,000 |
| Standard Deductions |
||
| Married/filing jointly and qualified widow(er)s |
$25,900 |
$25,100 |
| Additional amount for blind or age 65+ |
$1,400 |
$1,350 |
| Single |
$12,950 |
$12,550 |
| Additional amount for blind or age 65+ |
$1,750 |
$1,700 |
Sources: IRS Notice 2021-61; www.ssa.gov; .IRS Rev. Proc. 2021-25; IRS Rev. Proc. 2021-45
This information has been prepared from sources believed reliable but the accuracy and completeness of the information cannot be guaranteed. This material and/or its contents are current at the time of writing and are subject to change without notice.
This content is not intended to be investment or fiduciary advice.
Hartford Funds does not provide legal or tax advice. Shareholders should consult a legal or tax professional for additional information.
This information is provided for information purposes only.
MFDC011 226331