Extra! Extra! The IRS has released the 2024 contribution limits.
The following is a review of the most frequently accessed limits and the impact on 2024:
Compensation and Benefit Limits
- Annual compensation limit: $345,000
- Elective Deferrals: 401(k) Plans: $23,000
- Catch-up contribution limit for 401(k) plans: $7,500 (no change from 2023)
- Annual additions limit for defined contribution plans: $69,000
- Annual additions limit for defined benefit plans: $275,000
- Social Security Wage Base: $168,600
- Highly compensated employee: $155,000
- Key employee based on officer status: $220,000
You can find a chart of these limits from 2015 to 2024 here in the DWC Knowledge Center.