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Plan Limits & Cost of Living Adjustments
IRS Announces 2024 Plan Limits
2024 | 2023 | 2022 | |
---|---|---|---|
401(k) Elective Deferrals | $23,000 | $22,500 | $20,500 |
Catch-Up Contributions | $7,500 | $7,500 | $6,500 |
Defined Contribution Plan Limit | $69,000 | $66,000 | $61,000 |
Defined Benefit Plan Annual Benefit Limit | $275,000 | $265,000 | $245,000 |
Compensation Limit | $345,000 | $330,000 | $305,000 |
Top Heavy Key Employee | $220,000 | $215,000 | $200,000 |
Highly Compensated Employee | $155,000 | $150,000 | $135,000 |
For additional resources, please visit the IRS website.
Social Security Administration Announces 2024 Cost of Living Adjustments
2024 | 2023 | 2022 | |
---|---|---|---|
Taxable Wage Base |
$168,600 | $160,200 | $147,000 |
This material was created to provide accurate and reliable information on the subjects covered. It is not intended to provide specific legal, tax, or other professional advice. The services of an appropriate professional should be sought regarding your individual situation.
IRS Circular 230 Disclosure: These materials are not intended to be used to avoid tax penalties, and were prepared to support the promotion or marketing of the matters addressed in this document. The taxpayer should seek advice from an independent tax advisor.