Contribution Limits for the 2024 Tax Year are as follows:
| Plan | Contribution Limit | Catch-Up (50+) |
|---|---|---|
| 401(k) | $23,000 | $30,500 |
| 403(b) (annuity) | $23,000 | $30,500 |
| 408(k) SEP | $16,000 | $19,500 |
| 408(p) (SIMPLE) | $16,000 | $19,500 |
| 457 | $23,000 | $30,500 |
Contribution Limits for the 2025 Tax Year are as follows:
| Plan | Contribution Limit | Catch-Up (50+) |
|---|---|---|
| 401(k) | $23,500 | $31,000 |
| 403(b) (annuity) | $23,500 | $31,000 |
| 408(k) SEP | $16,500 | $20,000 |
| 408(p) (SIMPLE) | $16,500 | $20,000 |
| 457 | $23,500 | $31,000 |
An employee may make "catch-up" contributions to his 401(k), 403(b), 408(k), 408(p), or 457 plan if he is eligible to make elective deferrals under the plan and will be 50 or over before the end of the calendar year. This optional provision must first be elected by the pension plan sponsor.
NEW: Starting in Tax Year 2025, employees aged 60-63 years old may make an additional “catch-up” contribution. The limits for 401(k) and 403(b) is $34,750 and for SIMPLE 408(k)/SEP 408(p) is $21,750.
Traditional & Roth IRAs:
For 2024 and 2025, contributions to Roth and traditional IRAs are $7,000; catch-up contributions are $8,000.