IRS Releases 2024 Contribution Limits for Tax-Advantaged Accounts

Financial Services

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:


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

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


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

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.

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