IRS contribution limits

Understanding IRS contribution limits is important, especially when your goal is to contribute the maximum to your account. Even if you can’t do the max, consider increasing your contribution a little each year to potentially move closer to your retirement goals.

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2024 IRS Contribution Limits

Contribution limits are determined by the Internal Revenue Service (IRS) each year. These amounts apply to each plan, allowing you to contribute the maximum amount per plan. The IRS contribution limits are detailed in the table below.

UNDER AGE 50 AGE 50 OR OVER
(Age Based Catch-Up)
3 YEARS PRIOR TO YOUR NORMAL RETIREMENT AGE
(Traditional Catch-Up)
401(k) Plan 457(b) Plan 401(k) Plan 457(b) Plan 401(k) Plan 457(b) Plan
$23,000 $23,000 $30,500 $30,500 N/A $46,000
MAXIMUM CONTRIBUTION USING BOTH PLANS
$46,000 $61,000 $76,500

  • You are responsible for ensuring that your 401(k) contributions including contributions to any 403(b) and other state-sponsored 401(k) plans do not exceed the IRS contribution limit.
  • You are responsible for ensuring that your 457(b) contributions including contributions to Part-time, Seasonal, and Temporary (PST) plans do not exceed the IRS contribution limit.
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2023 IRS Contribution Limits

UNDER AGE 50 AGE 50 OR OVER
(Age Based Catch-Up)
3 YEARS PRIOR TO YOUR NORMAL RETIREMENT AGE
(Traditional Catch-Up)
401(k) Plan 457(b) Plan 401(k) Plan 457(b) Plan 401(k) Plan 457(b) Plan
$22,500 $22,500 $30,000 $30,000 N/A $45,000
MAXIMUM CONTRIBUTION USING BOTH PLANS
$45,000 $60,000 $75,000

Previous Standard Deferral IRS Limits

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
$22,500 $20,500 $19,500 $19,500 $19,000 $18,500 $18,000 $18,000 $18,000 $17,500 $17,500

Individual Retirement Account (IRA) Limits

2024 and 2023 Traditional/Roth IRA contribution limits3

Standard deferral
2024: $7,000
2023: $6,500
Age 50+ catch-up
2024: $8,000
2023: $7,500
[3] Annual limit is the sum of both Traditional IRA and Roth IRA contributions or your taxable compensation for the year, whichever is lower
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