Final answer:
The maximum contribution for a Section 457 plan in 2023 is $20,500, with a catch-up contribution limit of $6,500 for those 50 or older, totaling $27,000.
Step-by-step explanation:
The maximum contribution for a Section 457 plan for the year 2023 is $20,500. This figure has increased from previous years due to adjustments for cost-of-living increases.
Additionally, if you are age 50 or older, you may be eligible for a catch-up contribution which allows for an additional $6,500, making the total possible contribution $27,000. It is important to note, however, that these figures are subject to change and it's essential to verify the current limits based on the latest available information from the IRS or your specific plan.