Benefit Limits Under the Internal Revenue Code and Social Security

Description

 2023
Limit

 2024 
Limit

Compensation Cap under 401(a)(17)

$330,000 

 $345,000 

Elective Deferral Limit under 402(g)(1) for 401(k) plans, SEPs, and 403(b) plans

$22,500  

$23,000

Applicable Dollar Amount for 457(b) plans

$22,500 

$23,000

Catch-Up Contributions for Individuals Age 50 and Older

$7,500 

$7,500

Defined Benefit Maximum Annual Accrual

$265,000 

$275,000

Defined Contribution Maximum Annual Addition

$66,000 

$69,000

Highly Compensated Employee Threshold

Key Employee in Top-Heavy Plans Threshold

$150,000 

$215,000 

$155,000 

$220,000 

ESOP threshold for determining maximum account balance subject to 5-year distribution period

Regular Limit
Additional amount to lengthen 5-year period

 
 $1,330,000 
$265,000 

   
$1,380,000 
$275,000 
 

SEP Compensation Threshold for Participation

$750 

$750 

SIMPLE IRA Salary Reduction Contribution

$15,500 

$16,000 

Catch-Up Contributions for SIMPLE IRAs or SIMPLE 401(k) plans

$3,500 

$3,500 

IRA Maximum Deduction

$6,500 

$7,000 

Social Security Taxable Wage Base

  $160,200 

$168,600 

Health Savings Account Maximum Contributions

Family Coverage
Single Coverage

$7,750 
$3,850 

$8,300 
$4,150