For tax year 2022, the 401(k) contributions limits have increased to $20,500. The limit on annual contributions to an IRA remains unchanged at $6,000. The IRA catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
For tax years 2021 and 2020, the 401(k) contributions limits have increased to $19,500. Taxpayers over age 50 may contribute up to an additional $6,500 as 'catch-up' contributions.
For tax year 2019, the 401(k) contributions limits have increased to $19,000. Taxpayers over age 50 may contribute up to an additional $6,000 as 'catch-up' contributions.
Visit this IRS link for additional information on contribution limits.