Phrasing like “2023 tax year” typically means for taxes paid in 2023 (i.e. your return will be due in 2024 with any concomitant payment/refund). So this won’t take effect for another year, basically.
It takes effect at the start of 2023. You'll want to increase your 401k contributions right away at start of the year if you want to reach the new maximum. You can't do 401k contributions later while filing the taxes like you can for an IRA.
vikingerik|3 years ago