Allowable employee contributions to 401(k) 403(b), and 457(b) plans has increased to $22,500 for tax year 2023. The increase of $2,000 from last year is a greater increase than recent years due to high inflation. Plan participants over the age of 50 can contribute an additional $7,500 for the year.
Don’t forget to check-in with your plan administrator to adjust your contribution amount for the new tax year!
Source: https://www.irs.gov/pub/irs-drop/n-22-55.pdf