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Maine Association
of Professional Accountants
Maine Association of Professional Accountants
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Maine Association
of Professional Accountants
Maine Association of Professional Accountants
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Maine Association
of Professional Accountants
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To Elevate and Maintain among its Members, a High Standard of Proficiency and Integrity
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To Promote and to
Protect the Interest of
Public Accountants
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To Cultivate a Spirit of Professional Cooperation among its Members
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To Establish Goodwill and Understanding between the General Public and the Public Accounting Profession
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401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000

IR-2023-203, Nov. 1, 2023

WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024 in Notice 2023-75.

Highlights of changes for 2024

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Fax: (207) 892-2235
 
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452 Roosevelt Trail
Windham, Maine 04062