Type of Limitation

2024

2023

2022

2021

2020

Elective Deferrals (401(k), 403(b), 457(b)(2) and 457(c)(1))

$23,000

$22,500

$20,500

$19,500

$19,500

Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans (457(b)(3) and 402(g) provide separate catch-up rules)

$7,500

$7,500

$6,500

$6,500

$6,500

SIMPLE Salary Deferral

$16,000

$15,500

$14,000

$13,500

$13,500

SIMPLE 401(k) or regular SIMPLE plans, Catch-Up Deferrals

$3,500

$3,500

$3,000

$3,000

$3,000

415 limit for Defined Benefit Plans

$275,000

$265,000

$245,000

$230,000

$230,000

415 limit for Defined Contribution Plans

$69,000

$66,000

$61,000

$58,000

$57,000

Annual Compensation Limit

$345,000

$330,000

$305,000

$290,000

$285,000

Highly Compensated Employee 414(q)(1)(B)

$155,000

$150,000

$135,000

$130,000

$130,000

Key employee in top heavy plan (officer)

$220,000

$215,000

$200,000

$185,000

$185,000

Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993

$505,000

$490,000

$450,000

$430,000

$425,000

ESOP Maximum balance

$1,380,000

$1,330,000

$1,230,000

$1,165,000

$1,150,000

Amount for Lengthening of 5-Year ESOP Period

$275,000

$265,000

$245,000

$230,000

$230,000

Taxable Wage Base

$168,600

$160,200

$147,000

$142,800

$137,700

IRAs for individuals 49 and below

$7,000

$6,500

$6,000

$6,000

$6,000

IRAs for individuals 50 and above

$8,000

$7,500

$7,000

$7,000

$7,000

FICA Tax for employees and employers
Social Security Component
Medicare Component

7.65%

6.2%

1.45%

7.65%
6.2%
1.45%

7.65%
6.2%
1.45%

7.65%
6.2%
1.45%

7.65%
6.2%
1.45%

Health Savings Account Limit (plus additional $1,000 catch-up contribution)

$4,150/single
$8,300/family

$3,850/single
$7,750/family

$3,650/single
$7,300/family

$3,600/single
$7,200/family

$3,550/single
$7,100/family

Health Flexible Spending Account Limit

$3,200

$3,050

$2,850

$2,750

$2,750

Health Flexible Spending Account Optional Carryover Limit[1]

$640

$610

$570

$550

$550

Dependent Care Flexible Spending Account Limit (subject to earned income limits)[2]

$5,000 ($2,500 married filing separately)

$5,000 ($2,500 married filing separately)

$5,000 ($2,500 married filing separately)

$5,000 ($2,500 married filing separately)

$5,000 ($2,500 married filing separately)

Additional Medicare Tax Withholding

.9% of comp
>$200,000

.9% of comp
>$200,000

.9% of comp
>$200,000

.9% of comp
>$200,000

.9% of comp
>$200,000