Catch-up contribution

Created by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), a catch-up contribution is an IRS rule that enables people aged 50 or older to make supplementary contributions above the annual contribution limit to 401(k) retirement accounts, in addition to the standard contribution limits for that year.In 2022, the catch-up contribution limit is $6,500 (the same it was in 2021 and 2020).