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IRA and Retirement Plan Limits 2023-2024

2024 Wealth Planning Reference Guide

From 2024 Federal income tax rates and standard deductions to Important 2024 tax planning dates, 2024 Retirement Plan Contribution Limits and the Uniform Lifetime RMD Table, Capital Group's Wealth Planning Reference Guide for 2024 is a valuable resource.

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IRA and Roth IRA Contribution Limits
Contribution Limit

2023

2024

IRA and Roth IRA

$6,500

$7,000

IRA Catch-up Contributions
50+ Catch-Up Contribution

2023

2024

IRA and Roth IRA

$1,000

$1,000

Phase Out Income Limits for Deductible IRA Contributions 
(Covered by Employer Plan)
Tax Filing Status

2023

2024

Single

$73,000-$83,000

$77,000-$87,000

Married – Filing Jointly

$116,000-$136,000

$123,000-$143,000

Married – Filing Separately Active Participant

$0-$10,000

$0-$10,000

Married – Filing Jointly – Only Spouse Covered by Employer Plan

$218,000-$228,000

$230,000-$240,000

Phase Out Income limits for Roth IRA Contributions
Income Limit

2023

2024

Single

$138,000-$153,000

$146,000-$161,000

Married – Filing Jointly

$218,000-$228,000

$230,000-$240,000

Married – Filing Separately Active Participant

$0-$10,000

$0-$10,000

Employer Sponsored Defined Contribution Plans

2023

2024

Elective Deferral Limit – 401(k), 403(b), 457(b) and SARSEP

$22,500

$23,000

Elective Deferral Limit – SIMPLE IRA

$15,500

$16,000

Total Employer/Employee Contribution Limit – 401(k), 403(b), and 457(b) plans

$66,000  (or 100% of compensation if less)

$69,000  (or 100% of compensation if less)

Total Employer/Employee Contribution Limit – SEP

$66,000 (or 25% of compensation if less)

$69,000 (or 25% of compensation if less)

SEP IRA Participant Compensation Threshold

$750

$750

Recognized Compensation for Retirement Plans

$330,000

$345,000

Determine Highly Compensated Employee

$150,000

$155,000

“Key Employee” in a Top-Heavy Plan

$215,000

$220,000

Employer Sponsored Catch-up Contributions
50+ Catch-up Contribution Limit

2023

2024

401(k), 403(b), 457(b) and SARSEP

$7,500

$7,500

SIMPLE IRA

$3,500

$3,500

Saver's Credit
Adjusted Gross Income Limit

2023

2024

Married – Filing Jointly* 

$73,000

$76,500

Head of Household*

$54,750

$57,375

Single, Married Filing Separately, Qualifying Widow(er)*

$36,500

$38,250


* Limitation under sections 25B(b)(1)(C) and 25B(b)(1)(D)

Changes are in BOLD

Consulting your Tax-Advisor is always recommended

Nelson Securities, Inc. Member FINRA | SIPC

 

Page Last Reviewed or Updated: November 3, 2023