The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. Limits by plan type (IRA, 401(k), SEP, SIMPLE IRA, 403(b), 457(b), defined benefit) 2024 cost-of-living adjustments for pension plans and retirement-related items (IR-2023-203) COLA table PDF for prior years' dollar limitations and Internal Revenue Code references. IRAs 2024 2023 2022 2021 IRA contribution limit $7,000 $6,500 $6,000 $6,000 IRA catch-up contributions 1,000 1,000 1,000 1,000 Traditional IRA AGI deduction phase-out starting at 2024 2023 2022 2021 Joint return 123,000 116,000 109,000 105,000 Single or head of household 77,000 73,000 68,000 66,000 SEP 2024 2023 2022 2021 SEP minimum compensation 750 750 650 650 SEP maximum contribution 69,000 66,000 61,000 58,000 SEP maximum compensation 345,000 330,000 305,000 290,000 SIMPLE plans 2024 2023 2022 2021 SIMPLE maximum contributions 16,000 15,500 14,000 13,500 Catch-up contributions 3,500 3,500 3,000 3,000 401(k), 403(b), profit-sharing plans, etc. 2024 2023 2022 2021 Annual compensation 345,000 330,000 305,000 290,000 Elective deferrals 23,000 22,500 20,500 19,500 Catch-up contributions 7,500 7,500 6,500 6,500 Defined contribution limits 69,000 66,000 61,000 58,000 ESOP limits 1,380,000 275,000 1,330,000 265,000 1,230,000 245,000 1,165,000 230,000 Other 2024 2023 2022 2021 HCE threshold 155,000 150,000 135,000 130,000 Defined benefit limits 275,000 265,000 245,000 230,000 Key employee 220,000 215,000 200,000 185,000 457 elective deferrals 23,000 22,500 20,500 19,500 Control employee (board member or officer) 135,000 130,000 120,000 115,000 Control employee (compensation-based) 275,000 265,000 245,000 235,000 Taxable wage base 168,600 160,200 147,000 142,800 Topics for retirement plans Individual retirement arrangements (IRAs) Types of retirement plans Retirement topics - Required Minimum Distributions (RMDs) Retirement plans frequently asked questions (FAQs) Retirement plan forms and publications Correcting plan errors Retirement topics Tax-Exempt & Government Entities Division at a glance Retirement plans
