401(k) and Profit Sharing Limits for 2022 & 2023

In the downloadable file below, you can find 401(k) and profit sharing limits for 2022 & 2023.

 

Important information for those with a 401(k) account or those considering opening an account:

Required Minimum Distribution (RMD) rules apply to all employer-sponsored retirement plans. RMD rules require those with Traditional and Roth 401(k)s to withdraw a certain amount from their account each year once they turn 72. If the RMD is not withdrawn by the applicable deadline, the individual will be taxed 50% on the amount not withdrawn; individuals can withdraw more than the minimum amount. These withdrawals are considered taxable income. To find your RMD, use this worksheet from the IRS.