The Internal Revenue Service increased retirement-related contribution limits for 2024 in a Nov. 1 notice.
The contribution limits for retirement plans under Section 401(k), 403(b) and 457 will increase to $23,000 from $22,500, the IRS said in Notice 2023-75.
The contribution limit for defined contribution plans will rise to $69,000 from $66,000. The limit for defined benefit plans rises to $275,000 from $265,000. Employers generally fund defined benefit plans, while employees fund defined contribution plans.
The contribution limit for SIMPLE plans will rise to $16,000 from $15,500. SIMPLE accounts are traditional individual retirement accounts that allow contributions from both ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.