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Internal Revenue Service issued annual cost-of-living adjustments for 2023 tax year for retirement plans and health and welfare benefit plans. These COLAs reflect significant increases in consumer price index CPI.
The IRS released additional inflation adjustments for 2023, including to certain limits for qualified retirement plans such as 401k plans. This table provides an overview of Aggregate Annual Contribution Limit, Annual Roth Contribution Limit, and Catch Up Contribution Limit.