Employer-Sponsored Retirement Plans (TSP, 401k, 403b)
Maximum employee contribution: $23,500
Catch-up contribution to employer retirement plans for those aged 50 years+: $7,500
Catch-up contribution to employer retirement plans for those aged 60-63: $11,500
Maximum contribution to 457 plans: $23,500
Limit on annual additions to defined contribution plans (sum of both employer and employee contributions): $70,000
Maximum elective deferral to SIMPLE plans: $16,500
Catch-up contribution limit for SIMPLE plans for those aged 50 years+: $3,500
Catch-up contribution limit for SIMPLE plans (ages 60-63): $5,250
Annual compensation threshold for SEP contribution: $750
Annual benefit limit for defined benefit plans (pensions): $280,000
Limitation used for definition of highly compensated employee: $155,000
Health Savings Account
Single: $4,300
Family: $8,550
Catch-up contribution for Health Savings Account for those who aged 55 years+: $1,000
IRA and Roth IRA
Traditional and Roth IRA: $7,000 or lesser of earned income
Catch-up contribution for those aged 50 years+: $1,000
Social Security
Maximum wages subject to Social Security tax: $176,100
Medicare tax wage maximum: No limit
Maximum earnings before Social Security Benefits are reduced under full retirement age: $23,400
Maximum earnings before Social Security Benefits are reduced at or after full retirement age: No limit
Base amount of Modified AGI causing Social Security benefits to be taxable for Married Filing Jointly and Qualified Widower: $32,001 (50% taxable) and $44,000 (85% taxable)
Base amount of Modified AGI causing Social Security benefits to be taxable for Single: $25,001 (50% taxable) and $34,000 (85% taxable)
Misc.
Annual Gift Tax Exclusion: $19,000
Flexible Spending Account for Dependent Care: $5,000
*Subject to income restrictions. Inquire with RVPF for more information.
2024 Limits
Maximum employee contribution to employer retirement plans (TSP, 401k, 403b): $23,000
Additional catch-up contribution to employer retirement plans for those aged 50 years: $7,500
Maximum contribution to 457 plans: $23,000
Limit on annual additions to defined contribution plans (sum of both employer and employee contributions): $69,000
Annual benefit limit for defined benefit plans (pensions): $275,000
Limitation used for definition of highly compensated employee: $155,000
Health Savings Account: single: $4,150 and family: $8,300
Additional catch-up contribution for Health Savings Account for those who aged 55 years: $1,000
Traditional and Roth IRA*: $7,000
Maximum contribution subject to Social Security tax: $168,600
Annual Gift Tax Exclusion: $18,000
Flexible Spending Account for Dependent Care: $5,000
*Subject to income restrictions. Inquire with RVPF for more information.
2023 Limits
Maximum employee contribution to employer retirement plans (TSP, 401k, 403b): $22,500
Additional catch-up contribution to employer retirement plans for those aged 50 years: $7,500
Maximum contribution to 457 plans: $22,500
Limit on annual additions to defined contribution plans (sum of both employer and employee contributions): $66,000
Annual benefit limit for defined benefit plans (pensions): $265,000
Limitation used for definition of highly compensated employee: $150,000
Health Savings Account: single: $3,850 and family: $7,750
Additional catch-up contribution for Health Savings Account for those who aged 55 years: $1,000
Traditional and Roth IRA*: $6,500
Maximum contribution subject to Social Security tax: $160,200
Annual Gift Tax Exclusion: $17,000
Flexible Spending Account for Dependent Care: $5,000
2023 Limits
Maximum employee contribution to employer retirement plans (TSP, 401k, 403b): $22,500
Additional catch-up contribution to employer retirement plans for those aged 50 years: $7,500
Maximum contribution to 457 plans: $22,500
Limit on annual additions to defined contribution plans (sum of both employer and employee contributions): $66,000
Annual benefit limit for defined benefit plans (pensions): $265,000
Limitation used for definition of highly compensated employee: $150,000
Health Savings Account: single: $3,850 and family: $7,750
Additional catch-up contribution for Health Savings Account for those who aged 55 years: $1,000
Traditional and Roth IRA*: $6,500
Maximum contribution subject to Social Security tax: $160,200
Annual Gift Tax Exclusion: $17,000
Flexible Spending Account for Dependent Care: $5,000
*Subject to income restrictions. Inquire with RVPF for more information.
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