By factoring inflation into the tax rates and certain other amounts, the law protects taxpayers from losing the value of various benefits. Each fall, the IRS issues two documents detailing the results of these adjustments for the coming year. 2024 IR-2023-208, IRS provides tax inflation adjustments for tax year 2024 IR-2023-203, 401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000 2023 IR-2022-182, IRS provides tax inflation adjustments for tax year 2023 IR-2022-188, 401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 2022 IR-2021-219, IRS provides tax inflation adjustments for tax year 2022 IR-2021-216, IRS announces 401(k) limit increases to $20,500 2021 IR-2020-245, IRS provides tax inflation adjustments for tax year 2021 IR-2020-240, Income ranges for determining IRA eligibility change for 2021 2020 IR-2019-180, IRS provides tax inflation adjustments for tax year 2020 IR-2019-179, 401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500 2019 IR-2018-222, IRS provides tax inflation adjustments for tax year 2019 IR-2018-211, 401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000 2018 IR-2017-178, In 2018, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Unchanged IR-2017-177, IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018 2017 IR-2016-139, In 2017, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged IR-2016-141, IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017
