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2024 IRS limits announced

The IRS recently announced 2024 limits affecting retirement plans and other qualified savings vehicles. The amounts have increased in almost all categories.  You will see the changes in bold in this quick reference.  For advice on tax planning, contact a SYM advisor.

401(k) Related Limits20242023
401(k) Elective Deferrals$23,000$22,500
401(k) Catch-up Contribution$7,500$7,500
415 Annual Additions Limit$69,000$66,000
Annual Compensation Limit$345,000$330,000
Social Security Wage Base$168,600$160,200
Non-401(k) Related Limits20242023
403(b) Elective Deferrals$23,000$22,500
403(b) Catch-up Contribution$7,500$7,500
SIMPLE Deferrals$16,000$15,500
SIMPLE Catch-up Contribution$3,500$3,500
IRA Contribution$7,000$6,500
IRA Catch-up Contribution$1,000$1,000

Source: irs.gov.  Changes in bold.

If you are wondering about tax planning, schedule a complimentary financial review with a SYM Financial advisor. Click here to get started.

Disclosure: This material is not financial advice or an offer to sell any product. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

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