2022 Employee Contribution and Benefit Limits

2021 contribution limits

Update: 6/30/2022

The Internal Revenue Service (IRS) has announced that its optional standard mileage rate will increase to 62.5 cents per mile driven for business purposes. The increase takes effect on July 1, 2022.

Use of this rate is optional, though it is widely used by employers as a standard rate for calculating mileage reimbursement for employees who use their personal vehicle for business purposes. If your organization uses the IRS rate to calculate mileage reimbursement, be sure to update your systems to account for this change.

Additionally, the deductible medical or moving mileage rate has increased from 18 cents to 22 cents.

The Internal Revenue Service (IRS) recently announced the cost-of-living changes to contribution and benefit limits for a variety of employer sponsored plans in 2022. Most dollar amount limits for 2021 remain the same for 2022, with a handful of amounts seeing slight increases.

The table below shows the contribution and benefit limits for certain plans in 2021 and 2022.

Complete details on these and other cost-of-living adjustments can be viewed in IRS Revenue Procedure 2021-45 and IRS Notice 2021-61.

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