These adjustments are calculated and released by the Internal Revenue Service (IRS) each year. Released on November 4, the IRS provided tax inflation adjustments for 2022 in Notice 2021-61.
There are several changes in many of the 2022 plan limits so be sure to view a detailed listing below:
| PLAN LIMITS | 2022 | 2021 | 2020 |
| 401(k)/403(b) Deferrals | $20,500* | $19,500 | $19,500 |
| 401(k)/403(b) Catch Up | $6,500 | $6,500 | $6,500 |
| SIMPLE Deferrals | $14,000* | $13,500 | $13,500 |
| SIMPLE Plan Catch Up | $3,000 | $3,000 | $3,000 |
| 457 Deferrals | $20,500* | $19,500 | $19,500 |
| IRA | $6,000 | $6,000 | $6,000 |
| IRA Catch Up | $1,000 | $1,000 | $1,000 |
| Defined Contribution | $61,000* | $58,000 | $57,000 |
| Defined Benefit | $245,000* | $230,000 | $230,000 |
| Includible Compensation | $305,000* | $290,000 | $285,000 |
| Tax Credit ESOP Maximum Balance | $1,230,000* | $1,165,000 | $1,150,000 |
| Social Security Taxable Wage Base | $147,000* | $142,800 | $137,700 |
| SEP Min. Participation Threshold | $650* | $600 | $600 |
| SEP Maximum Participation Threshold | $290,000 | $290,000 | $285,000 |
| Key Employee | $200,000* | $185,000 | $185,000 |
| Highly Compensated Employee | $135,000* | $130,000 | $130,000 |
| Maximum Monthly Social Security | $3,148 | $3,148 | $3,011 |
| HSA Individual Contribution | $3,650* | $3,600 | $3,550 |
| HSA Family Contribution | $7,300* | $7,200 | $7,100 |
| HSA Catch Up Contribution (ages 55+) | $1,000 | $1,000 | $1,000 |
| HDHP Minimum Individual Deductible | $1,400 | $1,400 | $1,400 |
| HDHP Minimum Family Deductible | $2,800 | $2,800 | $2,800 |
| HDHP Out-of-Pocket Maximum - Self | $7,050* | $7,000 | $6,900 |
| HDHP Out-of-Pocket Maximum - Family | $14,100* | $14,000 | $13,800 |
| Monthly Transit/Van Pooling | $280* | $270 | $270 |
| Monthly Qualified Parking | $280* | $270 | $270 |
| FSA Medical Maximum Deferral | $2,850* | $2,750 | $2,750 |
| Medical FSA Carryover | $570* | $550 | $550 |
| FSA Dependent Care Max. Deferral | $5,000* | $10,500 | $5,000 |
| * Indicates a change from 2021 to 2022. | |||
Download the complete list of 2022 limitations for benefit plans (PDF).
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