IRS Contribution Limits for Retirement Plans
By Argent Wealth Management, LLC on November 7, 2023
Changes for the 2024 Tax Year
The IRS has announced the contribution limits for retirement plans for the tax year 2024. Effective January 1, 2024, individuals can contribute $23,000 to the following retirement plans: 401(k) plan, 403(b) plan, most 457 plans and the federal government’s Thrift Savings Plan, up from $22,500 in the prior year. The catch-up contribution limit for employees 50 and older who participate in the above-mentioned plans remains $7,500 for tax year 2024.
The annual contribution limit to an IRA has increased to $7,000 in year 2024, up from $6,500 in the prior year. The catch-up contribution limit for individuals 50 and older who participate in an IRA remains $1,000 for year 2024.
The annual contribution limit to a SIMPLE plan has increased to $16,000 in the year 2024, up from $15,500 in the prior year. The catch-up contribution limit for employees 50 and older who are enrolled in this plan remains $3,500 for tax year 2024.
The IRS has provided cost-of-living adjustments to most phase out ranges for 2024 as outlined in the table below. For more information, please reference IRS Notice 2023-75.
Traditional IRA Rules
Roth IRA Rules
The Author
Source: ThinkAdvisor on 11/1/2023, https://www.thinkadvisor.com/
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