IRS Limits

On November 1, 2023, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024. The Internal Revenue Code requires that the Secretary of the Treasury adjust the limits annually. Some highlights are:      The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase to $23,000.     The catch-up contribution limit for those aged 50 and over…

On October 21, 2022, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023. The Internal Revenue Code requires that the Secretary of the Treasury adjust the limits annually. Some highlights are:      The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase to $22,500.     The catch-up contribution limit for those aged 50 and over…

On November 4, 2021, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022. The Internal Revenue Code requires that the Secretary of the Treasury adjust the limits annually. Some highlights are:      The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase to $20,500.     The catch-up contribution limit for those aged 50 and over…

On November 6, 2019, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020. The Internal Revenue Code requires that the Secretary of the Treasury adjust the limits annually. Some highlights are:      The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase to $19,500.      The catch-up contribution limit for those aged 50 and…