{"id":513,"date":"2025-01-23T18:53:24","date_gmt":"2025-01-23T18:53:24","guid":{"rendered":"https:\/\/secure.eplanservices401k.com\/blog\/?post_type=article&#038;p=513"},"modified":"2025-10-02T16:24:29","modified_gmt":"2025-10-02T16:24:29","slug":"401k-contribution-limits-for-2024","status":"publish","type":"article","link":"https:\/\/secure.eplanservices401k.com\/marketing\/article\/401k-contribution-limits-for-2024\/","title":{"rendered":"401(k) Contribution Limits for 2024"},"content":{"rendered":"\n<p>The IRS has released new retirement plan contribution limits for 2024. These limits are determined based on plan type. The deferral limit\u2014the amount employees can contribute to their account\u2014 for a 401(k) plan is $23,000, increased from $22,500. Along with deferral limits, the IRS has also released cost-of-living adjustments to compensation limits, which will take effect on January 1, 2024.<\/p>\n\n\n\n<p>We\u2019ll cover everything you need to know about the upcoming changes to your retirement plan in this comprehensive guide.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">Key Takeaways:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The IRS just released new retirement plan limits and cost-of-living adjustments.<\/li>\n\n\n\n<li>Catch-up contribution limits remain the same as 2023.<\/li>\n\n\n\n<li>IRA deductibility phase-out ranges for taxpayers see an increase in 2024.<\/li>\n\n\n\n<li>Compensation limits for employees, Highly Compensated Employees, (HCEs), and Key Employees have been adjusted for cost-of-living.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">401(k) and IRA Contribution Limits<\/h2>\n\n\n\n<p>401(k) plan participants are permitted to contribute a total of $23,000 annually. This surpasses 2023\u2019s amount of $22,500. IRA participants have a contribution limit of $7,000, previously $6,000.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Catch-up Contribution Limits<\/h2>\n\n\n\n<p>401(k) plan participants over the age of 50 have a catch-up contribution limit of $7,500, the same as 2023. With this in mind, participants who are aged 50 and older can contribute up to $30,500 to their 401(k) plan in 2024. The catch-up contribution limit for SIMPLE plan participants remains at $3,500 for 2024.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2024 Phase-out Ranges<\/h2>\n\n\n\n<p>A phase-out range gradually reduces a taxpayer\u2019s tax credits and deductions as their income gets closer to a maximum amount. Taxpayers with traditional IRAs can deduct contributions from their taxes if they meet certain conditions. If the taxpayer or their spouse contributed to a workplace retirement plan during the plan year, the deduction may be reduced or phased out depending on the taxpayer\u2019s filing status and income. If the individual isn\u2019t enrolled in a workplace retirement plan, the deductions will not apply.<\/p>\n\n\n\n<p><strong>The following are the phase-out ranges for 2024:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Single taxpayer enrolled in a workplace retirement plan:<\/strong> $77,000 to $87,000. This is up from $73,000 to $83,000.<\/li>\n\n\n\n<li><strong>Married couples filing jointly: <\/strong>$123,000 to $143,000, previously $116,000 to $136,000.<\/li>\n\n\n\n<li><strong>An IRA contributor who is not enrolled in a workplace retirement plan but is married to a person who is covered: <\/strong>&nbsp;$230,000 to $240,000, up from $218,000 to $228,000.<\/li>\n\n\n\n<li>A married individual who is not covered by a workplace retirement plan will not be subject to a cost-of-living adjustment. In this case, the phase-out range remains at $0 to $10,000.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Cost-of-Living Adjustments<\/h2>\n\n\n\n<p>The IRS sets compensation limits\u2014the maximum amount of compensation considered for employer contributions to a retirement plan\u2014 for individuals enrolled in a retirement plan. These limits have been adjusted for cost-of-living, effective in 2024.<\/p>\n\n\n\n<p><strong>The adjustments to compensation for certain employees enrolled in a retirement plan are as follows:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Compensation Limit (Section 401(a))<\/strong>: $345,000 up from $330,000<\/li>\n\n\n\n<li><strong>Highly Compensated Employee (HCE) Compensation Limit:<\/strong> $155,000 up from $150,000<\/li>\n\n\n\n<li><strong>Key Employee (officer) Compensation Limit:<\/strong> $220,000 up from $215,000<\/li>\n\n\n\n<li><strong>Defined Contribution Plan Annual Additions Limit (Section 415*):<\/strong> $69,000 up from $66,000<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion:<\/h2>\n\n\n\n<p>Staying on top of retirement plan updates each year is a wise choice, whether you\u2019re an employer, participant, or an advisor. Knowing how much an employee can contribute to their 401(k) can help employers stay compliant, while helping employees plan for retirement.<\/p>\n\n\n\n<!-- Modal -->\n<div class=\"modal fade\" id=\"salesModal\" tabindex=\"-1\" aria-labelledby=\"exampleModalLabel\"\n    aria-hidden=\"true\">\n    <div class=\"modal-dialog \">\n        <div class=\"modal-content\">\n            <div class=\"modal-header\">\n                <h2>Contact our sales team<\/h2>\n                <button type=\"button\" class=\"btn-close\" data-bs-dismiss=\"modal\" aria-label=\"Close\"><\/button>\n            <\/div>\n            <div class=\"modal-body\">\n                <div class=\"modal-form\">\n                    <div class=\"modal-form__left\">\n                        <script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar 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   <h2 class=\"gform_title\">Contact Our Sales Team<\/h2>\n                            <p class='gform_description'><\/p>\n\t\t\t\t\t\t\t<p class='gform_required_legend'>&quot;<span class=\"gfield_required gfield_required_asterisk\">*<\/span>&quot; indicates required fields<\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data' target='gform_ajax_frame_1' id='gform_1'  action='\/marketing\/wp-json\/wp\/v2\/article\/513#gf_1' data-formid='1' novalidate>\n                        <div class='gform-body gform_body'><div id='gform_fields_1' class='gform_fields top_label form_sublabel_below description_below validation_below'><div id=\"field_1_1\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_1_1'>First Name<span 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gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_1_6'>Phone Number<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_text'><input name='input_6' id='input_1_6' type='text' value='' class='large'    placeholder='(000) - 000-0000' aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_1_5\" class=\"gfield gfield--type-email gfield--input-type-email gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_1_5'>Email<span class=\"gfield_required\"><span class=\"gfield_required 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gfield--input-type-number gfield--width-half field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_1_13'>Number of Employees<\/label><div class='ginput_container ginput_container_number'><input name='input_13' id='input_1_13' type='number' step='any' min='0' max='100000' value='' class='large'      aria-invalid=\"false\" aria-describedby=\"gfield_instruction_1_13\" \/><div class='gfield_description instruction ' id='gfield_instruction_1_13'>Please enter a number from <strong>0<\/strong> to <strong>100000<\/strong>.<\/div><\/div><\/div><fieldset id=\"field_1_15\" class=\"gfield gfield--type-radio gfield--type-choice gfield--input-type-radio gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Do you have a company retirement plan?<\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_1_15'>\n\t\t\t<div class='gchoice gchoice_1_15_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_15' type='radio' value='Yes'  id='choice_1_15_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_1_15_0' id='label_1_15_0' class='gform-field-label gform-field-label--type-inline'>Yes<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_1_15_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_15' type='radio' value='No'  id='choice_1_15_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_1_15_1' id='label_1_15_1' class='gform-field-label gform-field-label--type-inline'>No<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_1_16\" class=\"gfield gfield--type-number gfield--input-type-number gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_1_16'>What is the estimated total in Plan Assets?<\/label><div class='ginput_container ginput_container_number'><input name='input_16' id='input_1_16' type='text' step='any'   value='' class='large'      aria-invalid=\"false\"  \/><\/div><\/div><fieldset id=\"field_1_17\" class=\"gfield gfield--type-radio gfield--type-choice gfield--input-type-radio gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Is a financial professional assisting you with your company retirement plan?<\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_1_17'>\n\t\t\t<div class='gchoice gchoice_1_17_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_17' type='radio' value='Yes'  id='choice_1_17_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_1_17_0' id='label_1_17_0' class='gform-field-label gform-field-label--type-inline'>Yes<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_1_17_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_17' type='radio' value='No'  id='choice_1_17_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_1_17_1' id='label_1_17_1' class='gform-field-label gform-field-label--type-inline'>No<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_1_18\" class=\"gfield gfield--type-select gfield--input-type-select gfield--width-full select-discuss gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_1_18'>What do you want to discuss?<span class=\"gfield_required\"><span class=\"gfield_required 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