Contribution Limits for the 2024 Tax Year are as follows:
| Plan | Contribution Limit | Catch-Up |
|---|---|---|
| 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 2023 Tax Year are as follows:
| Plan | Contribution Limit | Catch-Up |
|---|---|---|
| 401(k) | $22,500 | $30,000 |
| 403(b) (annuity) | $22,500 | $30,000 |
| 408(k) SEP | $15,500 | $19,000 |
| 408(p) (SIMPLE) | $15,500 | $19,000 |
| 457 | $22,500 | $30,000 |
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.
Traditional & Roth IRAs:
For 2024, contributions to Roth and traditional IRAs are $7,000; catch-up contributions are $8,000. For 2023, contributions to Roth and IRAs are $6,500; catch-up contributions in 2023 are $7,500.