2024 Retirement Plan Contribution Limits, Phase-Out Ranges, and Income Limits

November 15, 2023
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The IRS has released 2024 inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement accounts. (IRS Notice 2023-75)

Contribution Limits

401(k), 403(b), and most 457 plans
For 2024, the amount an individual can contribute to a 401(k), 403(b), and most 457 plans increases to $23,000, up from $22,500 in 2023. The catch-up contribution amount, for employees 50 and older who participate in these plans, remains at the 2023 level of $7,500 (Note: This means participants over 50 can contribute up to $30,500 to one of these plans. 

IRAs
For IRAs, the amount an individual can contribute increases to $7,000 (up from $6,500 in 2023). The catch-up contribution amount remains $1,000.

SIMPLE IRAs
The amount individuals can contribute to their SIMPLE accounts increases to $16,000 (up from $15,500 in 2023). The catch-up contribution limit for SIMPLE accounts contribution amount remains $3,500.

Phase-out Ranges & Income Limits

In addition, the IRS released new income phase-out ranges for making contributions to a traditional IRA and Roth IRA, as well as the income limit on claiming the Saver’s Credit.

If either the taxpayer or their spouse is covered by a workplace retirement plan during the tax year, the maximum amount they can contribute to a traditional IRA may be reduced (phased out) to zero, depending on the taxpayer’s filing status and income (Note: If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-out rule doesn’t apply).

The traditional IRA phase-out ranges for 2024 are:

  • For single taxpayers covered by a workplace retirement plan, the phase-out range begins at $77,000 and ends at $87,000 (up from $73,000 and $83,000 in 2023).
  • For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range increases to between $123,000 and $143,000 ($116,000 and $136,000 in 2023).
  • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the phase-out range increases to between $230,000 and $240,000 ($218,000 and $228,000).
  • For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

The phase-out ranges for Roth IRAs are:

  • For singles and heads of household, the phase-out begins at $146,000 and ends at $161,000 (up from between $138,000 and $153,000 in 2023).
  • For married couples filing jointly, between $230,000 and $240,000 (up from between $218,000 and $228,000 in 2023).
  • For married couples filing separately between $0 and $10,000.

The income limit for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) increases to:

  • $76,500 for married couples filing jointly, up from $73,000;
  • $57,375 for heads of household, up from $54,750; and
  • $38,250 for singles and married couples filing separately, up from $36,500.

Download our 2024 Retirement Plan Limits (PDF)

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