2024 Retirement Plan Contribution Limits
The IRS announced increases to several contribution limits for 2024 including IRAs, 401(k)s, health savings accounts, as well as the annual gift tax exclusion amount.
- You are now able to contribute up to $7,000 into a Traditional IRA or Roth IRA. Individuals aged 50 and older can add an additional $1,000 catch-up contribution, bringing their total to $8,000.
- The new SIMPLE IRA contribution limit is $16,000. A catch-up contribution of $3,500 is allowed for those aged 50 and older, bringing their total limit to $19,500.
- Participants in 401(k)/403(b)/457/TSP plans are now able to contribute up to $23,000 this year. Individuals aged 50 and older can add an additional $7,500 catch-up contribution, bringing their total to $30,500.
- Eligible individuals can contribute up to $4,150 to a health savings account (HSA), and individuals with eligible family health insurance coverage can contribute up to $8,300. Those 55 and older can contribute an additional $1,000 as a catch-up contribution.
- The annual gift limit has increased to $18,000 for individuals or $36,000 for a married couple.
For more information about the limits and income phaseouts, please follow the link below:
You can also view the link by using our “Resources” tab, “Useful Links”, “2024 IRS Contribution Limits”.
As a reminder, you have until April 15th,2024 to make IRA and HSA contributions for the 2023 tax year. The IRA contribution limit for 2023 was $6,500 for those younger than 50 and $7,500 for those age 50 and older. Please call our office at (937) 335-7700 or email us if you would like to discuss your contribution plans further.
