In 2024, the IRS has increased the contribution limit for 401(k) plans to $23,000 and for IRAs to $7,000. Catch-up contributions for those 50 and older in 401(k) plans also rose, allowing a total contribution of $30,500. Income phase-out ranges for deductible contributions to traditional IRAs and contributions to Roth IRAs have been adjusted, providing new opportunities for savers. Additionally, there are other changes, including adjustments to annuity contract premiums and charitable distributions. For more details, refer to IRS Notice 2023-75.
