Annual Limits
2024 Elective Deferral Limit
2024 Catch-up Contribution Limit
2024 Defined Contribution Limit
www.irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions
Please see our COLA Increases Table for prior years’ dollar limitations and Internal Revenue Code references.
| 2024 | 2023 | 2022 | |
| IRAs | |||
| IRA Contribution Limit | 7,000 | 6,500 | 6,000 |
| IRA Catch-Up Contributions | 1,000 | 1,000 | 1,000 |
| IRA AGI Deduction Phase-out Starting at | |||
| Joint Return | 123,000 | 116,000 | 109,000 |
| Single or Head of Household | 77,000 | 73,000 | 68,000 |
| SEP | |||
| SEP Minimum Compensation | 750 | 750 | 650 |
| SEP Maximum Contribution | 69,000 | 66,000 | 61,000 |
| SEP Maximum Compensation | 345,000 | 330,000 | 305,000 |
| SIMPLE Plans | |||
| SIMPLE Maximum Contributions | 16,000 | 15,500 | 14,000 |
| Catch-up Contributions | 3,500 | 3,500 | 3,000 |
| 401(k), 403(b), Profit-Sharing Plans, etc. | |||
| Annual Compensation | 345,000 | 330,000 | 305,000 |
| Elective Deferrals | 23,000 | 22,500 | 20,500 |
| Catch-up Contributions | 7,500 | 7,500 | 6,500 |
| Defined Contribution Limits | 69,000 | 66,000 | 61,000 |
| ESOP Limits |
1,380,000 275,000 |
1,330,000 265,000 |
1,230,000 245,000 |
| Other | |||
| HCE Threshold | 155,000 | 150,000 | 135,000 |
| Defined Benefit Limits | 275,000 | 265,000 | 245,000 |
| Key Employee | 220,000 | 215,000 | 200,000 |
| 457 Elective Deferrals | 23,000 | 22,500 | 20,500 |
| Control Employee (board member or officer) | 135,000 | 130,000 | 120,000 |
| Control Employee (compensation-based) | 275,000 | 265,000 | 245,000 |
| Taxable Wage Base | 168,600 | 160,200 | 147,000 |