Contribution limits have been released for 2024. Make sure you update your contributions accordingly if you intend to reach the maximum by the end of the year.
RETIREMENT
- 401(k)/403(b)/457(b): $23,000 (+500)
- Annual catch-up (age 50+): $7,500 (+/-0)
- Traditional & Roth IRAs: $7,000 (+500)
- Annual catch-up (age 50+): $1,000 (+/-0)
- Income phaseout limits to contribute directly to a Roth IRA
- Single or Head of household $146,000 to $161,000
- Married filing jointly $230,000 to $240,000
- Married filling separately Up to $10,000
HEALTH CARE
- HSA contribution – Individual: $4,150 (+300)
- HSA contribution – Family: $8,300 (+600)
- Annual catch-up (age 55+): $1,000 (+/-0)
ESTATE PLANNING
- Annual gift tax exclusion: $18,000 (+1,000)
- This is per person, per gift so you could give $18,000 to a child and your spouse could also give $18,000 bringing that total gift to $36,000 for the year.
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