401(k) employee contributions. The elective deferral limit for 401(k) plans increases to $20,500 for 2022, an increase of $1,000 over 2021, as compared to a $500 increase between 2020 and 2021.
IRA contribution limits. An exception to the trend of larger adjustments for 2022 is the IRA contribution limit. Because increases are only made in $500 increments, the IRA contribution limit remains unchanged at $6,000. But the start of the phaseout for deductible contributions for single filers increases to $68,000 for 2022, an increase of $2,000 over 2021, as compared to an increase of $1,000 between 2020 and 2021. The start of the phaseout for deductible contributions for joint filers increases to $109,000 for 2022, an increase of $4,000 over 2021, as compared to an increase of $1,000 between 2020 and 2021.