09 Feb 2024 Key Numbers – Retirement Planning
2024 and 2023 contribution rates for employer and individual retirement accounts, including income phase-outs for IRA deductions and ROTH IRA contributions.
Employee/individual contribution limits
1 Must aggregate employee contributions to all 401(k), 403(b), SAR-SEP, and SIMPLE plans of all employers. 457(b) plan contributions are not aggregated. For SAR-SEPs, the percentage limit is 25% of compensation reduced by elective deferrals (effectively, a 20% maximum contribution).
2 Special catch-up limits may also apply to 403(b) and 457(b) plan participants. Employer contribution/benefit 3 limits
3 For self-employed individuals, compensation generally means earned income. This means that, for qualified plans, deductible contributions for a self-employed individual are limited to 20% of net earnings from self-employment (net profits minus self-employment tax deduction), and special rules apply in calculating the annual additions limit. Compensation limits/thresholds
Qualified charitable distribution
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Prepared by Broadridge Advisor Solutions Copyright 2024. |