On Nov. 1, 2023, the IRS released the cost-of-living adjustments for various retirement plan limitations that will take effect on Jan. 1, 2024. Selected 2024 and 2023 annual limits are provided below.
Provision | 2024 | 2023 |
---|---|---|
DC Plan 415(c)(1)(A) Additions | $69,000 | $66,000 |
401(k)/403(b) SARSEP Elective Deferrals | $23,000 | $22,500 |
457 Deferrals | $23,000 | $22,500 |
Age 50 Catch-Ups for 401(k), 403(b) and 457 Plans | $7,500 | $7,500 |
Top Heavy Key Employee Dollar Limit | $220,000 | $215,000 |
Highly Compensated Employee Income Definition | $155,000 | $150,000 |
Compensation Limit for Contribution Purposes in accordance with IRC Section 401(a)(17) for Non-Gov. Plan Sponsors | $345,000 | $330,000 |
Compensation Limit for Contribution Purposes in accordance with IRC Section 401(a)(17) for Governmental Plan Sponsors | $505,000 | $490,000 |
Maximum Adjusted Gross Income for Saver’s Credit | $76,500 (joint) $38,250 (single) $57,375 (HoH) |
$73,000 (joint) $36,500 (single) $54,750 (HoH) |
SIMPLE Plan Contribution Limits | $16,000 | $15,500 |
Compensation for SEPs | $750 | $750 |
Earning Subject to OASDI Tax | $168,600 | $160,200 |
Source: IRS Notice 2022-55 and Notice 2023-75.
Recent Comments
Does the roth requirement for catch-up contributions for people who earned $145,000 apply to 457...
Hi Ed,
I really liked this article and I think you make a lot of sense. And I had no...
I believe there's a misstatement in that last quote - it should refer to governmental and...
Working with several medical providers as clients, I note that the high-end earners tend to push...
Congratulations to NTSAA for landing a good one. Nathan's breadth of experience and...