IRS Releases 2024 Contribution Limits for Tax-Advantaged Accounts
The IRS has released the 2024 contribution limits for key tax-advantaged – 401(k), 403(b), 457, HSA, and IRA – accounts.
The new limits, in comparison to last year, are:
Contributions
Limit | 2024 | 2023 |
401(k), 403(b), 457(b) Plan Deferral Limit | $23,000 | $22,500 |
401(k), 403(b), Governmental 457(b) Catch-up Limit1 | $7,500 | $7,500 |
Defined Contribution §415 Limit2 | $69,000 | $66,000 |
Traditional or Roth IRA Limit3 | $7,000 | $6,500 |
Traditional or Roth IRA Catch-up Limit4 | $1,000 | $1,000 |
HSA Contributions
Limit | 2024 (Individual) | 2023 (Individual) | 2024 (Family) | 2023 (Family) |
HSA Contribution Limits | $4,150 | $3,850 | $8,300 | $7,750 |
Minimum Deductible for HDHPs | $1,600 | $1,500 | $3,200 | $3,000 |
Maximum Out-of-Pocket Expenses | $8,050 | $7,500 | $16,100 | $15,000 |
Compensation
Limit | 2024 | 2023 |
Defined Contribution Limit | $345,000 | $330,000 |
Defined Benefit Limit | $275,000 | $265,000 |
Key Employee Officer | $220,000 | $215,000 |
Highly Compensated Employee | $155,000 | $150,000 |
Governmental Plan Compensation Limit | $505,000 | $490,000 |
ESOP §409(o) Limits | $1,380,000 $275,000 | $1,330,000 $265,000 |
If you have questions or concerns about how these new limits impact your plan or plan participants, please reach out an M3 Financial consultant to discuss.
1Allowed in year turn 50. Does not include ‘Special’ catch up contributions under some 403(b) and 457 plans
2Total does not include catch up contributions
3Ability to contribute and/or get tax deduction based on individual situation. See your tax advisor for individual advice
4Allowed in year turn 50
Investment advisory services offered through Global Retirement Partners, LLC, dba M3 Financial, an SEC registered investment advisor.