These adjustments are calculated and released by the Internal Revenue Service (IRS) each year. Released on October 21, IRS Notice 2022-55 provided tax inflation adjustments for 2023.
There are several changes in many of the 2023 plan limits so be sure to view a detailed listing below:
| PLAN LIMITS | 2023 | 2022 | 2021 |
| 401(k)/403(b) Deferrals | $22,500* | $20,500 | $19,500 |
| 401(k)/403(b) Catch Up | $7,500* | $6,500 | $6,500 |
| SIMPLE Deferrals | $15,500* | $14,000 | $13,500 |
| SIMPLE Plan Catch Up | $3,500* | $3,000 | $3,000 |
| 457 Deferrals | $22,500* | $20,500 | $19,500 |
| IRA | $6,500* | $6,000 | $6,000 |
| IRA Catch Up | $1,000 | $1,000 | $1,000 |
| Defined Contribution | $66,000* | $61,000 | $58,000 |
| Defined Benefit | $265,000* | $245,000 | $230,000 |
| Includible Compensation | $330,000* | $305,000 | $290,000 |
| Tax Credit ESOP Maximum Balance | $1,330,000* | $1,230,000 | $1,165,000 |
| Social Security Taxable Wage Base | $160,200* | $147,000 | $142,800 |
| SEP Min. Participation Threshold | $750* | $650 | $600 |
| SEP Maximum Participation Threshold | $330,000* | $305,000 | $290,000 |
| Key Employee | $215,000* | $200,000 | $185,000 |
| Highly Compensated Employee | $150,000* | $135,000 | $130,000 |
| Maximum Monthly Social Security | $3,627* | $3,348 | $3,148 |
| HSA Individual Contribution | $3,850* | $3,650 | $3,600 |
| HSA Family Contribution | $7,750* | $7,300 | $7,200 |
| HSA Catch Up Contribution (ages 55+) | $1,000 | $1,000 | $1,000 |
| HDHP Minimum Individual Deductible | $1,500* | $1,400 | $1,400 |
| HDHP Minimum Family Deductible | $3,000* | $2,800 | $2,800 |
| HDHP Out-of-Pocket Maximum - Self | $7,500* | $7,300 | $7,000 |
| HDHP Out-of-Pocket Maximum - Family | $15,000* | $14,100 | $14,000 |
| Monthly Transit/Van Pooling | $300* | $280 | $270 |
| Monthly Qualified Parking | $300* | $280 | $270 |
| FSA Medical Maximum Deferral | $3,050* | $2,850 | $2,750 |
| Medical FSA Carryover | $610* | $570 | $550 |
| FSA Dependent Care Max. Deferral | $5,000 | $5,000 | $10,500 |
| * Indicates a change from 2022 to 2023. | |||
Download the complete list of 2023 limitations for benefit plans (PDF).
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