These adjustments are calculated and released by the Internal Revenue Service (IRS) each year. Released on October 21, IRS Notice 2022-55 provided tax inflation adjustments for 2023.

There are several changes in many of the 2023 plan limits so be sure to view a detailed listing below:
 

PLAN LIMITS	2023	2022	2021
401(k)/403(b) Deferrals	$22,500*	$20,500	$19,500
401(k)/403(b) Catch Up	$7,500*	$6,500	$6,500
SIMPLE Deferrals	$15,500*	$14,000	$13,500
SIMPLE Plan Catch Up	$3,500*	$3,000	$3,000
457 Deferrals	$22,500*	$20,500	$19,500
IRA	$6,500*	$6,000	$6,000
IRA Catch Up	$1,000	$1,000	$1,000
Defined Contribution	$66,000*	$61,000	$58,000
Defined Benefit	$265,000*	$245,000	$230,000
Includible Compensation	$330,000*	$305,000	$290,000
Tax Credit ESOP Maximum Balance	$1,330,000*	$1,230,000	$1,165,000
Social Security Taxable Wage Base	$160,200*	$147,000	$142,800
SEP Min. Participation Threshold	$750*	$650	$600
SEP Maximum Participation Threshold	$330,000*	$305,000	$290,000
Key Employee	$215,000*	$200,000	$185,000
Highly Compensated Employee	$150,000*	$135,000	$130,000
Maximum Monthly Social Security	$3,627*	$3,348	$3,148
HSA Individual Contribution	$3,850*	$3,650	$3,600
HSA Family Contribution	$7,750*	$7,300	$7,200
HSA Catch Up Contribution (ages 55+)	$1,000	$1,000	$1,000
HDHP Minimum Individual Deductible	$1,500*	$1,400	$1,400
HDHP Minimum Family Deductible	$3,000*	$2,800	$2,800
HDHP Out-of-Pocket Maximum - Self	$7,500*	$7,300	$7,000
HDHP Out-of-Pocket Maximum - Family	$15,000*	$14,100	$14,000
Monthly Transit/Van Pooling	$300*	$280	$270
Monthly Qualified Parking	$300*	$280	$270
FSA Medical Maximum Deferral	$3,050*	$2,850	$2,750
Medical FSA Carryover	$610*	$570	$550
FSA Dependent Care Max. Deferral	$5,000	$5,000	$10,500
* Indicates a change from 2022 to 2023.

Download the complete list of 2023 limitations for benefit plans (PDF).