2024 Contribution Limits
401(k), 403(b), & Most 457 Plans
Employee Contributions
$23,000
Employee - Catch-Up (50+)
$7,500
Max Employer + Employee
$69,000
IRA
Traditional & Roth IRA
$7,000
Traditional & Roth IRA - Catch-Up (50+)
$1,000
SIMPLE IRA
$16,000
SIMPLE IRA - Catch-Up (50+)
$3,500
SEP IRA
$69,000
Other Qualified Plans
HSA - Single
$4,150
HSA - Family
$8,300
HSA - Catch-Up (50+)
$1,000
IRA Deduction Phaseout for 401(k) Participants
If you and your spouse are not covered by a plan at work, your deduction is allowed in full.
However, your deduction may be limited if you, or your spouse, are covered by a plan at work and your income exceeds certain levels.
Single
$77,000 - $87,000
Married Filing Jointly
$123,000 - $143,000
Married Filing Separately
$0 - $10,000
Non-Active Participant Married to Active Participant
$230,000 - $240,000
Roth IRA Phaseout
Your ability to contribute to a Roth IRA may be limited based on your income and filing status.
Single
$146,000 - $161,000
Married Filing Jointly
$230,000 - $240,000
Source:
IRS - 2024 401(k) & IRA Limit Increases
