2024 IRA CONTRIBUTION LIMITS

Maximum workplace retirement plan contribution amounts

2024

2023

401(k), 403(b), most 457 plans and federal Thrift Savings Plan

$23,000

$22,500

Catch-up contributions in these plans for people 50 and older

$7,500

$7,500

 

IRA contribution limits

2024

2023

Traditional and Roth IRAs for people younger than 50

$7,000

$6,500

Catch-up IRA contributions for people 50 and older

$1,000

$1,000

Defined benefit pension plan annual benefit limits

$275,000

$265,000

Annual employer and employee limit for 401(k) plans, SEP IRAs and solo 401(k)s

$69,000

$66,000

Annual contribution limit for SIMPLE plans

$16,000

$15,500

Catch-up contribution limit for people age 50 and up

$3,500

$3,500

 

Adjusted gross income phaseout range of IRA deductibility

2024

2023

Single and contributing to a workplace plan

$77,000
 to $87,000

$73,000
 to $83,000

Married filing jointly when the spouse making the contribution has a workplace plan

$123,000
to $143,000

$116,000
to $136,000

Married and covered by a workplace place plan but filing separately

$0 to $10,000

$0 to $10,000

 

Roth IRA income eligibility phaseout

2024

2023

Single and head of household filers

$146,000
to $161,000

$138,000
to $153,000

Married filing jointly or qualified widow/widowers

$230,000
to $240,000

$218,000
to $228,000