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Wealth Management

2024 IRS Contribution Limits

  • Oppenheimer & Co. Inc.
  • November 29, 2023

This year you will be able to save more for retirement than ever before with increased salary deferral contribution limits for employee retirement plans.

couple on computer

For 401(k) plan holders, the limit has increased to $23,000 a year, up from $22,500 in 2023. Individuals age 50 and older are still able to contribute an extra $7,500 for a total of $30,500.

Limits on personal, non-workplace retirement accounts, such as Individual Retirement Accounts, also known as IRAs, are increased to $7,000, up from $6,500 in 2023. Individuals 50 or older may contribute an additional $1,000. See the table below for a larger overview.

Summary

2023

2024

401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan salary deferral limit (401k catch-up contribution is $7,500):

$22,500

$23,000

Individual Retirement Accounts (IRA) and Roth IRAs contribution limit:

$6,500 ($7,500 for individuals age 50 and older)

$7,000 ($8,000 for individuals age 50 and older)

SEP IRAs and Solo 401(k)s contribution limit (For those 50 or older, there is also a $7,500 401(k) catch-up contribution amount allowing total contributions for 2024 of $76,500):

$66,000

$69,000

SIMPLE IRAs salary deferral limit:

$15,500

$16,000

Adjusted Gross Income IRA Qualifying Ceiling

 

 

Single taxpayers covered by a workplace plan (traditional IRA tax deduction):

Up to $83,000

Up to $87,000

Single and head of household taxpayer for Roth IRA contribution eligibility:

Up to $153,000

Up to $161,000

Married couples filing jointly, both covered by a workplace plan (traditional IRA tax deduction):

Up to $136,000

Up to $143,000

Married couples filing jointly, one spouse not covered by a workplace plan (traditional IRA tax deduction):

Up to $228,000

Up to $240,000

Married couples filing jointly for Roth IRA contribution eligibility:

Up to $228,000

Up to $240,000

Disclosures

This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials.

This information is general in nature, does not constitute legal or tax advice, and is subject to change. Neither Oppenheimer & Co. Inc. nor any of its employees or affiliates provide legal or tax advice. Individuals and plan sponsors should consult with their legal or tax advisor.