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Company Match Contribution Limit
The 401(k) limit for 2023 is $22,500. This limit applies to employee elective deferrals, which are the contributions you make to your 401(k) plan from your paycheck. The limit does not include employer matching contributions.
An employer match is a contribution that your employer makes to your 401(k) plan on your behalf. The amount of the match is usually a percentage of your salary, up to a certain limit. For example, your employer may match 50% of your contributions, up to a maximum of $6,500.
The company match contribution limit for 2023 is $6,500. This limit applies to all employer matching contributions, regardless of whether they are made on a pre-tax or after-tax basis.
- The 401(k) limit for 2023 is $22,500.
- The company match contribution limit for 2023 is $6,500.
- The 401(k) limit does not include employer matching contributions.
| 2023 Limit | |
|---|---|
| Employee Elective Deferrals | $22,500 |
| Employer Matching Contributions | $6,500 |
Individual Contribution Limit
- The individual contribution limit for 2023 is $22,500.
- Those aged 50 and older can make catch-up contributions of up to $7,500.
The annual contribution limit includes both employee contributions and employer matching contributions. However, the employee contribution limit is the same regardless of whether or not the employer offers a matching contribution.
The employer matching contribution is not considered to be part of the employee’s contribution limit. This means that an employee can receive the full employer match without affecting their ability to make the maximum employee contribution.
| Age | Contribution Limit | Catch-up Contribution Limit |
|---|---|---|
| Under 50 | $22,500 | $0 |
| 50 and older | $22,500 | $7,500 |
Annual Contribution Limit
The annual contribution limit for 401(k) plans is set by the Internal Revenue Service (IRS) and is adjusted each year to keep pace with inflation. For 2023, the limit is $22,500 (up from $20,500 in 2022). This limit applies to both employee contributions and employer matching contributions. However, employer matching contributions do not count towards the annual limit for employee contributions.
For example, if you contribute $10,000 to your 401(k) plan and your employer matches 50% of your contributions, you would have a total of $15,000 in your account. The $10,000 you contributed would count towards the annual limit, but the $5,000 your employer matched would not.
The annual contribution limit is a valuable tax-saving tool. By contributing to your 401(k) plan, you can reduce your taxable income and save for retirement. If you are not already contributing to your 401(k) plan, you should consider starting today.
Catch-Up Contributions
Individuals who are age 50 or older by the end of the calendar year are eligible to make catch-up contributions to their 401(k) plans. For 2023, the catch-up contribution limit is $7,500 (up from $6,500 in 2022). This means that individuals who are age 50 or older can contribute a total of $30,000 to their 401(k) plans in 2023.
Table of Contribution Limits
| Age | Annual Contribution Limit | Catch-Up Contribution Limit |
|—|—|—|
| Under 50 | $22,500 | N/A |
| 50 or older | $22,500 | $7,500 |
Employer Contribution Considerations
When determining the 401(k) contribution limit, it’s important to consider employer contributions. Understanding how these contributions impact the limit can help you optimize your retirement savings strategy.
Contribution Types
- Elective deferrals: Employee contributions made from their paycheck, deducted before taxes.
- Employer matching contributions: Employer contributions made in response to employee contributions, up to a certain percentage or limit.
- Non-elective contributions: Employer contributions made regardless of employee contributions.
Contribution Limits
The total annual contribution limit for 2023 is $22,500 for employees under age 50 and $30,000 for those age 50 or older.
Employer matching contributions do not count towards the elective deferral limit, but they do count towards the overall contribution limit.
Non-elective contributions count towards the overall contribution limit, regardless of whether the employee contributes.
Example
| Employee Age | Elective Deferrals | Employer Match | Non-Elective | Total |
|---|---|---|---|---|
| Under 50 | $18,000 | $4,000 | $2,500 | $24,500 |
| 50 or older | $24,000 | $6,000 | $2,500 | $32,500 |
In the example above, the employee contributions and employer matching contributions fall within the respective limits. However, the non-elective contribution of $2,500 pushes the total contribution over the limit for the employee under age 50, resulting in potential excess contributions.
So, there you have it, folks! The ins and outs of 401k limits and company matching. If your eyes glazed over a bit with all those numbers, don’t worry – you’re not alone! But hey, you’re now officially a 401k pro. Thanks for hanging in there until the end. Be sure to check back for more financial wisdom and life hacks later on. In the meantime, keep saving and investing for a sweet retirement down the road. Cheers!