2024 Annual Contributions & Deferrals

Here is a quick summary of the various plan types and contribution limits:

401K

·        $23,000 if under age 50.

·        $30,500 if age 50 or over

 IRA

·        $7,000 if under age 50

·        $8,000 if age 50 or over

 Roth IRA

·        $7.000 if under age 50

·        $8,000 if age 50 or over

 Simple IRA

·        $16,000 if under age 50

·        $19,500 if age 50 or over

 Simplified Employee Pension Plan (SEP)

·        25% of compensation up to 69,000

Health Savings Account (can roll over from one year to the next)

·        $4,150 (self only)

·        $8,300 (family)

 Flexible Spending Account (use it or lose it)

·        $3,200

Retirement Topics - Contributions: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-contributions

Health Savings Accounts: https://www.irs.gov/publications/p969#:~:text=Limit%20on%20Contributions,-The%20amount%20you&text=For%202024%2C%20if%20you%20have,can%20contribute%20up%20to%20%248%2C300

Flexible Spending Arrangements: https://www.irs.gov/newsroom/irs-2024-flexible-spending-arrangement-contribution-limit-rises-by-150-dollars#:~:text=An%20employee%20who%20chooses%20to,contribute%20to%20an%20employee's%20FSA.

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