Annual Tax Updates

IRA Contribution Limits

 

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2024

The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans has increased to $23,000, up from $22,500 for 2023. The catch-up contribution limit for individuals aged 50 and older remains at $7,500.

 

The limit on annual contributions to a traditional IRA increased to $7,000, up from $6,500. The catch-up contribution limit for individuals aged 50 and older reamins at $1,000.

 

The amount individuals can contribute to their SIMPLE retirement accounts is increased to $16,000, up from $15,500. Catch-up contribution limit for individuals aged 50 and older remains at $3,500. 

 

The Roth IRA contribution limit is $7,000 for those under 50 and $8,000 for those 50 and older.

 

Note: If your Modified adjusted Gross Income (AGI) is above a certain amount, your contribution limit may be reduced. For more information please visit irs.gov/retirement-plans.