The IRS indexed dollar limits to qualified retirement plans are provided in the table below. This is provided for informational purposes and is not intended as legal advice.
| Item | IRC Reference | 2023 Limit | 2024 Limit |
|---|---|---|---|
| 401(k) and 403(b) Employee Deferral Limit1 | 402(g)(1) | $22,500 | $23,000 |
| 457 Employee Deferral Limit | 457(e)(15) | $22,500 | $23,000 |
| Catch-up Contribution2 | 414(v)(2)(B)(i) | $7,500 | $7,500 |
| Defined Contribution Dollar Limit | 415(c)(1)(A) | $66,000 | $69,000 |
| Defined Benefit Dollar Limit | 415(b)(1)(A) | $265,000 | $275,000 |
| Compensation Limit3 | 401(a)(17); 404(l) | $330,000 | $345,000 |
| Highly Compensated Employee Income Limit4 | 414(q)(1)(B) | $150,000 | $155,000 |
| Key Employee Officer | 416(i)(1)(A)(i) | $215,000 | $220,000 |
| Social Security Taxable Wage Base | $160,200 | $168,600 |
Tax Credits For Retirement Plan Participants5
The chart below shows the percent of your contribution (up to $2,000) you are eligible to receive as a tax credit based on your annual adjusted gross income and filing status. See the IRS website for filing instructions.6
| Tax Credit | Married, Filing Jointly | Head of Household | All Other Filers |
|---|---|---|---|
| 50% | $0 - $46,000 | $0 - $34,500 | $0 - $23,000 |
| 20% | $46,001 - $50,000 | $34,501 - $37,500 | $23,001 - $25,000 |
| 10% | $50,001 - $76,500 | $37,501 - $57,375 | $25,001 - $38,250 |
| 0% | More than $76,500 | More than $57,375 | More than $38,250 |