IRA Contribution Limits

• Individuals: $6,000 for 2022 and $6,500 for 2023 or 100% of earned income (whichever is less).
• Over 50? Make additional "catch-up" contributions of $1,000 for 2022 and 2023.
• To be eligible for the "catch-up" you must have reached age 50 on or before December 31 of the year for which the contribution is being made.
• Your contribution cannot exceed your earned income for that tax year.

Tax Year 2022 Contribution Limits for Roth IRAs
Modified Adjusted Gross Income

Tax Year 2023 Contribution Limits for Roth IRAs
Modified Adjusted Gross Income

Individuals age 50 and older:
A catch-up contribution of $1,000 in tax year 2022 and 2023 may be available.
Source: www.irs.gov

• The employer contribution to the account may not exceed the lesser of 25% of the employee's compensation or $61,000 for 2022 and $66,000 for 2023.
• Employees who are part of the plan may also make annual IRA contributions of up to $6,000 in 2022 and $6,500 for 2023, or 100% of their compensation, whichever is less. If age 50 or older, a "catch-up" of $1,000 may be available.
• Are you and your spouse covered by a workplace retirement plan? Your contributions may be deductible and are governed by Traditional IRA contribution rules.

• No new SARSEP IRA plans are permitted after 1996. The contribution limits detailed here are for informational purposes.
• The employer contribution to the account may not exceed the lesser of 25% of the employee's compensation or $61,000 for 2022 and $66,000 for 2023.
• Employee contributions typically comply with employee salary reduction agreements and must not exceed $20,500 for 2022 and $22,500 for 2023.
• Catch-up contributions apply if the employee is 50 or older by the end of the calendar year. There is a maximum catch-up contribution of $6,000 for 2022 and $6,500 for 2023.
• In addition, the employee may use this same account to make annual IRA contributions. The maximum contribution is $6,000 for 2022 and $6,500 for 2023. The "catch-up" of $1,000 may be available to individuals age 50 or older.
• Are you and your spouse covered by a workplace retirement plan? Your contributions may be deductible and are governed by Traditional IRA contribution rules.

A defined contribution plan is an employer-sponsored retirement plan that allows employer contributions to be made for employees based on a percentage of the employee's compensation.

Under a defined contribution plan, the maximum annual contribution on behalf of any plan participant may not exceed the lesser of 100% of his or her compensation or $61,000 for 2022 and $66,000 for 2023. The defined contribution plans offered by Janus Henderson include:

Profit Sharing Plan

• A qualified retirement plan that calculates employer contributions as a percentage of each eligible employee's compensation.
• Annual employer contributions are discretionary.

Money Purchase Pension Plan

• A qualified retirement plan that calculates employer contributions as a percentage of each eligible employee's compensation.
• Annual employer contributions are required.

For participants covered by an employer-sponsored retirement plan

Tax Year 2022
Modified Adjusted Gross Income

Tax Year 2023
Modified Adjusted Gross Income

Individuals age 50 and older:
A catch-up contribution of $1,000 in tax year 2022 and 2023 may be available.

Source: www.irs.gov