Finances
401(okay), IRA contribution limits for 2024
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The IRS has announced new 2024 investor contribution limits for 401(okay) plans, particular person retirement accounts and different retirement accounts.
The worker contribution restrict for 401(okay) plans is rising to $23,000 in 2024, up from $22,500 in 2023, and catch-up contributions for savers age 50 and older will stay unchanged at $7,500. The brand new quantities additionally apply to 403(b) plans, most 457 plans and Thrift Financial savings Plans.
The company additionally boosted contribution limits for IRAs, permitting buyers to save lots of $7,000 in 2024, up from $6,500 in 2023. Catch-up contributions will stay unchanged at $1,000.
In 2024, extra People might qualify for Roth IRA contributions, with the adjusted gross earnings phaseout vary rising to between $146,000 and $161,000 for single people and heads of households, up from $138,000 and $153,000 in 2023.
The Roth IRA contribution phaseout for married {couples} submitting collectively will rise to $230,000 and $240,000 in 2024, up from $218,000 and $228,000.
The IRS additionally elevated earnings ranges to qualify for the retirement savings contributions credit and the flexibility to deduct pre-tax IRA deposits with a office plan.
