IRA and Retirement Plan Limits 2021-2022
| IRA and Roth IRA Contribution Limits | ||
| Contribution Limit | 2021 | 2022 |
| IRA and Roth IRA | $6,000 | $6,000 |
| Phase Out Income Limits for Deductible IRA Contributions – Covered by Employer Plan | ||
| Tax Filing Status | 2021 | 2022 |
| Single | $66,000-$76,000 | $68,000-$78,000 |
| Married – Filing Jointly | $105,000-$125,000 | $109,000-$129,000 |
| Married – Filing Separately Active Participant | $0-$10,000 | $0-$10,000 |
| Married – Filing Jointly – Only Spouse Covered by Employer Plan | $198,000-$208,000 | $204,000-$214,000 |
| Phase Out Income limits for Roth IRA Contributions | ||
| Income Limit | 2021 | 2022 |
| Single | $125,000-$140,000 | $129,000-$144,000 |
| Married – Filing Jointly | $198,000-$208,000 | $204,000-$214,000 |
| Married – Filing Separately Active Participant | $0-$10,000 | $0-$10,000 |
| Catch-up Contributions | ||
| Catch-up Contribution Limit | 2021 | 2022 |
| 401(k), 403(b), 457(b) and SARSEP | $6,500 | $6,500 |
| SIMPLE IRA | $3,000 | $3,000 |
| Traditional or Roth IRA | $1,000 | $1,000 |
| Employer Defined Contribution Plans | ||
2021 | 2022 | |
| Elective Deferral Limit – 401(k), 403(b), 457(b) and SARSEP | $19,500 | $20,500 |
| Elective Deferral Limit – SIMPLE IRA | $13,500 | $14,000 |
| Total Employer/Employee Contribution Limit – 401(k), 403(b), and 457(b) plans | $58,000 (or 100% of compensation if less) | $61,000 (or 100% of compensation if less) |
| Total Employer/Employee Contribution Limit – SEP | $58,000 (or 25% of compensation if less) | $61,000 (or 25% of compensation if less) |
| SEP IRA Participant Compensation Threshold | $600 | $650 |
| Recognized Compensation for Retirement Plans | $290,000 | $305,000 |
| Determine Highly Compensated Employee | $130,000 | $135,000 |
| “Key Employee” in a Top-Heavy Plan | $185,000 | $200,000 |
| Saver's Credit | ||
| Adjusted Gross Income Limit | 2021 | 2022 |
| Married – Filing Jointly* | $66,000 | $68,000 |
| Head of Household* | $49,500 | $51,000 |
| Single, Married Filing Separately, Qualifying Widow(er)* | $33,000 | $34,000 |
* Limitation under sections 25B(b)(1)(C) and 25B(b)(1)(D)
Changes are in BOLD
Consulting your Tax-Advisor is always recommended
Nelson Securities, Inc. Member FINRA | SIPC
Page Last Reviewed or Updated: November 8, 2021