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The IRS just released retirement plan contribution limits for 2024. The good news is that the limits are going up. Below you’ll find both the 2023 and 2204 contribution limits and catch-up limits. We also include Roth IRA income limits and traditional IRA limits on deducting the contribution.
2024 and 2023 Retirement Account Limits
401(k) and IRA Contribution Limits
| Account | 2023 | 2024 |
|---|---|---|
| 401(k), 403(b), TSP, and Most 457 Plans (including Roth Accounts) | $22,500 | $23,000 |
| Catch-up Contributions (for those 50 or older) | $7,500 | $7,500 |
| Maximum Contribution (50 or older) | $30,000 | $30,500 |
| IRA and Roth IRA | $6,500 | $7,000 |
| Catch-up Contributions1 (for those 50 or older) | $1,000 | $1,000 |
| Maximum Contribution (50 or older) | $7,500 | $8,000 |
| SIMPLE Retirement Accounts2 | $15,500 | $16,000 |
| SIMPLE Catch-up Contributions | $3,500 | $3,500 |
| Maximum Contribution (50 or older) | $19,000 | $19,500 |
Source: IRS
Income Limits for Deducting IRA Contributions
If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-outs for the deductibility of IRA contributions do not apply. Otherwise, here are the income limits for deducting IRA contributions (note that the amount that can be deducted goes down as income increases through the range, and is eliminated if income meets or exceeds the high end of the range):
| Filing Status | 2023 | 2024 |
|---|---|---|
| Single | $73,000 – $83,000 | $77,000 – $87,000 |
| Married, filing jointly, and spouse making IRA contributions is covered by a workplace retirement plan | $116,000 – $136,000 | $123,000 – $143,000 |
| Married, filing jointly, and spouse making IRA contributions is NOT covered by a workplace retirement plan | $218,000 – $228,000 | $230,000 – $240,000 |
| Married, filing separately, and spouse making IRA contributions is covered by a workplace retirement plan3 | $0 – $10,000 | $0 – $10,000 |
Source: IRS
Roth IRA Income Limits
Roth IRA contributions are reduced and potentially eliminated based on how much the taxpayer makes. Here are the income phase-out limits for 2023 and 2024:
| Filing Status | 2023 | 2024 |
|---|---|---|
| Single and Head of Household | $138,000 – $153,000 | $146,000 – $161,000 |
| Married Filing Jointly | $218,000 – $228,000 | $230,000 – $240,000 |
| Married Filing Separately4 | $0 – $10,000 | $0 – $10,000 |
Source: IRS
Saver’s Credit Income Limit
The Retirement Savings Contributions Credit, also known as the Saver’s Credit, is designed to help low and moderate-income workers save for retirement. The credit applies to contributions made to certain workplace retirement accounts, as well as IRA and Roth IRA accounts. Here are the income limits for 2024 and 2023:
| Filing Status | 2023 | 2024 |
|---|---|---|
| Single or Married Filing Separetely | $36,500 | $38,250 |
| Married Filing Jointly | $73,000 | $76,500 |
| Head of Household | $54,750 | $57,375 |
Source: IRS
Other Limits
There are a few other limits that are now subject to cost-of-living adjustments thanks to SECURE 2.0:
- The limitation on premiums paid with respect to a qualifying longevity annuity contract (QLAC) remains the same in 2024 at $200,000.
- The deductible limit on charitable distributions from an IRA is increasing in 2024 to $105,000, up from $100,000.
- Added a deductible limit for a one-time election to treat a distribution from an individual retirement account made directly by the trustee to a split-interest entity. For 2024, this limitation is increased to $53,000, up from $50,000.
Beyond SECURE 2.0, here are other limits related to retirement accounts:
- Defined Benefit Plans: The limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increasing from $265,000 in 2023 to $275,000 in 2024.
- Maximum 401(k) Contributions: The total contributions allowed to a 401(k), including employer matching contributions, is increasing fro $66,000 in 2023 to $69,000 in 2024.
Source: IRS
Next Up: Just How Rich Could You Be If You Maxed Out Your Retirement Accounts?
- The SECURE 2.0 Act of 2022 added an inflation adjustment to the IRA catch-up contribution. Before SECURE 2.0, the $1,000 limit was not adjusted for inflation. Now it is, however, it remains the same for 2024. ↩︎
- SIMPLE stands for Savings Incentive Match Plan for Employees and is a retirement plan used by some small businesses. ↩︎
- This phase-out range is not subject to a cost-of-living adjustment. ↩︎
- This phase-out range is not subject to a cost-of-living adjustment. ↩︎