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The IRS imposes a cap on how much you can contribute to your 401 (k) on an annual basis. This is called the 401 (k) contribution limit. Here are the rules for 2022 and 2023:
The IRS has some good news for Americans struggling with rampant inflation: You may get to keep more of your money in 2023. The IRS is not only adjusting the tax brackets for millions of Americans ...
The 401 (k) contribution limits in 2023 have increased for employees to $22,500. The 2022 limit was $20,500. Employees age 50 and over can make an additional, catch-up contribution of $7,500 ...
The IRS hasn’t yet released 2023 limits for 401 (k) accounts and individual retirement accounts (IRAs), but those numbers are expected next month.
The income thresholds for the seven federal tax brackets increased by a bigger-than-normal amount for the 2023 tax year to reflect runaway inflation seen last year.
In late 2022, the IRS announced that it would be adjusting tax brackets for the 2023 tax year as well as the standard deduction to account for inflation.
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