IRS Publishes Some Good News for Savers in 2022!

Maura Schauss |

By Ann D. Blakey, CFP®

Every fall, the IRS publishes important data about retirement contribution limits for the following year.  We now have the new figures for 2022, which include some good news for savers!

401(k)s & 403(b)s - Defined Contribution Plans

  • The salary deferral contribution limit has been increased to $20,500 in 2022, for employees under age 50. 
  • Catch-up contributions for those age 50 or older by the end of the calendar year remain $6,500, for a total employee contribution of up to $27,000. 
  • The total defined contribution maximum limit, from all sources (including employer contributions and after-tax contributions), has increased to $61,000 for 2022 (and $67,500 if age 50 or over).

Remember that, unlike IRAs, all 2022 401k/403b contributions must be made before December 31, 2022.

Traditional IRAs[1]

  • Unfortunately, Traditional IRA contribution limits remain unchanged at $6,000 per year with a $1,000 catch-up contribution allowed for workers age 50 and over. 
  • Your Traditional IRA contribution may or may not be tax-deductible, depending on your income and whether you and/or your partner participate in an employer-sponsored retirement plan.  Be sure to verify your particular situation before contributing.

You can contribute for 2022 up until April 15, 2023.

Roth IRAs

  • Roth IRA contribution limits also have not changed; they remain at $6,000 max, with a $1,000 catch-up contribution allowed for workers age 50 and over.
  • Roth IRA are never deductible. Contributions are subject to income limitations, which have increased slightly for 2022.  Be sure to verify your eligibility before contributing.

2022 IRA contributions are allowed until April 15, 2023.

HSA and FSA accounts[2]

  • If you qualify to contribute to a Health Savings Account in 2022, your total contribution amount has increased slightly to $3,650 for an Individual and $7,300 for a Family. 
  • HSA catch-up contributions remain $1,000 additional in 2022 for those age 55 or older.
  • Caps for contributions to Flexible Spending Accounts for Healthcare in 2022 have increased a bit to $2,850 in 2022. 
  • Dependent Care FSA’s have returned to the pre-pandemic cap of $5,000 for those filing a joint tax return ($2,500 for single filers).


Connect to Ensure You Are Maximizing Your Savings Opportunities

Though most limits and deductions are not changing significantly, every little bit matters, and it is important to stay within the IRS rules.  If you want some trusted advice to ensure that you are taking advantage of available tax benefits and maximizing all opportunities for your future, connect with us at 703.584.2700, email at or book time with us online. We are ready to support you.





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