What’s New?
New Limits—In 2023, the IRS limit for employee contributions to a 401(k) Plan is $22,500.
Additional “Catch-Up” Contribution Opportunity for plan participants Age 50 or better is $7,500.
New RMD Begin Dates—SECURE Act 2.0 extended the Required Minimum Distribution (RMD) Age to 73 and will ultimately extend the RMD Age to 75 for anyone born after 1960. New Elimination of Iowa Retirement Income Tax— starting in 2023, distributions from retirement plans like 401(k) plans for individuals age 55 + or disabled, no longer be taxable at the state level. (Remains federally taxable)
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