DMarkM1
Employee Tax Expert

Get your taxes done using TurboTax

You are correct there is no income limitation for the designated Roth account elective deferral contributions or 401K elective deferral contributions.  However there is an elective deferral contribution limitation for those accounts.  For 2022 it was 20,500 plus a 6,500 catch up contribution for those over 50.  These limits are per person not per account.  So the total elective deferral contribution to all accounts owned by a taxpayer cannot exceed these limitations. 

 

 Here is a comparison chart for a designated Roth account, a Roth IRA and a 401K account.  

For more information on Roth accounts click here

Go here for specific differences between a Roth IRA and designated Roth account 

 

@Maldita

 

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