Maine Association
of Professional Accountants
of Professional Accountants
Maine Association of Professional Accountants
Maine Association
of Professional Accountants
of Professional Accountants
Maine Association of Professional Accountants
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.