The IRS has announced the 2024 benefit and contribution limits for qualified retirement plans, including contributions limits for Sec. 401(k) plans and individual retirement arrangements (IRAs), increasing both limits by $500.
Notice 2023-75 includes updates to dollar limits for a range of qualified retirement plans and accounts, including traditional and Roth IRAs.
The amount that individuals can contribute to Sec. 401(k) plans will increase to $23,000 in 2024, up from $22,500 in 2023. The new amount also applies to Sec. 403(b) and most Sec. 457 plans as well as the federal government’s Thrift Savings Plan.
The limit on annual contributions to a traditional IRA increased to $7,000, and the IRA catch-up contribution limit for individuals 50 and older remains $1,000 for 2024. Read more.