Contribution Limits
Annual Dollar Limits
The table below shows the dollar limitations that affect qualified plans.
It is not intended as a substitute for specific individualized tax advice. It is recommended that clients consult with a qualified tax advisor before making a contribution.
| Description | 2023 | 2024 | |
| IRA | $6,500 | $7,000 | |
| IRA Catch-up (50 or older) | $1,000 | $1,000 | |
| 401(k), 403(b) & 457 Deferrals | $22,500 | $23,000 | |
| 401(k), 403(b) & 457 Catch-up | $7,500 | $7,500 | |
| SIMPLE Deferrals | $15,500 | $16,000 | |
| SIMPLE Catch-up | $3,500 | $3,500 | |
| Section 415 Limit | $66,000 | $69,000 | |
| Defined Benefit Limit | $265,000 | $275,000 | |
| Compensation Limit | $330,000 | $345,000 | |
| HCE Comp Limit | $150,000 | $155,000 | |
| Key Employee Officer | $215,000 | $220,000 | |
IRS COLA Increases for Dollar Limitations on Benefits and Contributions