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Higher-income participants of 401(k)s and similar retirement plans have until 2026 to make an catch-up contributions. These must be designated as after-tax Roth contributions.
Additionally, the IRS said anyone, regardless of income, who is 50 years or more of age can make catch-up contributions.
Included in Notice 2023-62PDF, the notice provides initial guidance for section 603 of the SECURE 2.0 Act, enacted in December 2022. Starting next year the new rule applies an employee who participates in a 401(k), 403(b) or governmental 457(b) plan and whose prior-year Social Security wages exceeded $145,000.
The IRS says this administrative transition period is designed “to facilitate an orderly transition for compliance with that requirement.”
The Treasury Department and the IRS plan to issue future guidance to help taxpayers, and the notice describes several positions that are expected to be included.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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