Cost of Living Retirement and Fringe Benefit Amounts for 2022 Published by the IRS
The IRS issued inflation adjusted retirement plan and fringe benefit numbers for 2022 in Notice 2021-61.[1]
| Item | 2022 | 2021 |
|---|---|---|
| Annual Benefit Under a Defined Contribution Plan (IRC §415(b)(1)(A) | $245,000 | $230,000 |
| Limitation for Defined Contribution Plans (IRC §415(c)(1)(A) | 61,000 | 58,000 |
| Limitation on Exclusion for Elective Deferrals (IRC §402(g)) | 20,500 | 19,500 |
| Annual Compensation Limit (IRC §§401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii)) | 305,000 | 290,000 |
| Key Employee in a Top Heavy Plan (IRC §416(i)(1)(A)(i) | 200,000 | 185,000 |
| Highly Compensated Employee (IRC §414(q)(1)(B)) | 135,000 | 130,000 |
| Catch-up Contributions to Employer Plans Other than SIMPLEs (IRC §414(v)(2)(B)(i)) | 6,500 | 6,500 |
| Catch-up Contributions to SIMPLE-IRAs and SIMPLE-401(k)s (IRC §414(v)(2)(B)(ii)) | 3,000 | 3,000 |
| Annual Compensation Limitation for Certain Governmental Plans (IRC §401(a)(17)) | 450,000 | 430,000 |
| Compensation Amount for Participation in a SEP (IRC §408(k)(2)(C)) | 650 | 650 |
| Deferral Limitation for SIMPLE Retirement Accounts (IRC §408(p)(2)(E)) | 14,000 | 13,500 |
| Limitation on Deferrals under IRC §457(e)(15) Governmental Plans and Tax-Exempt Organizations | 20,500 | 19,500 |
| Compensation Amount for an Officer Control Employee for Fringe Benefits (Reg. §1.61-21(f)(5)(i)) | 120,000 | 115,000 |
| Compensation Amount for a Control Employee Based Solely on Compensation Reg. §1.61-21(f)(5)(iii)) | 245,000 | 235,000 |
| IRA Deductible Contribution Amounts (IRC §219(b)(5)(A)) | 6,000 | 6,000 |
The Notice defines the ranges over which deductible IRA contributions phase out for individuals who are active participants in a qualified retirement plan are provided as:
| Item | 2022 | 2021 |
|---|---|---|
| Married participants filing a joint return or qualifying widow(er) | $109,000 to $119,000 | $105,000 to $115,000 |
| Other statuses except married filing separate | $68,000 to $78,0000 | $66,000 to $76,000 |
| Married filing separate | $0 to $10,000 | $0 to $10,000 |
| Married individual filing a joint who is not an active participant but whose spouse is an active participant | $204,000 to $214,000 | $198,000 to $208,000 |
The adjusted gross income range over which the ability of a taxpayer to make a Roth IRA contribution phases out is as follows:
| Item | 2022 | 2021 |
|---|---|---|
| Married participants filing a joint return or qualifying widow(er) | $204,000 to $214,000 | $198,000 to $208,000 |
| Single and head of household | $129,000 to $144,000 | $125,000 to $140,000 |
| Married filing separate | $0 to $10,000 | $0 to $10,000 |
1 Notice 2021-61, November 4, 2021, https://www.irs.gov/pub/irs-drop/n-21-61.pdf