IRS Increases Limits for 401(k) and IRA in 2024
Eric Franklin
Nov 10, 2023
The IRS announced on November 1st (probably the last minute for any broker that has to implement these changes) that individuals will be able to increase the amounts they can contribute to their 401(k) plans and their IRAs in 2024.
The max contribution to a 401(k) will be $23,000 (up from $22,500 in 2023).
Max annual IRA contributions will increase to $7,000 (up from $6,500 in 2023).
The income ranges for deductibility of contributions to IRAs, Roth IRAs, and to claim the Saver's Credit, all also increase in 2024.
We have quite a few clients maxing out their tax deferral through these contributions so we are excited to help you navigate them as we roll into the new year. Feel free to reach out with any questions.
The IRS announced on November 1st (probably the last minute for any broker that has to implement these changes) that individuals will be able to increase the amounts they can contribute to their 401(k) plans and their IRAs in 2024.
The max contribution to a 401(k) will be $23,000 (up from $22,500 in 2023).
Max annual IRA contributions will increase to $7,000 (up from $6,500 in 2023).
The income ranges for deductibility of contributions to IRAs, Roth IRAs, and to claim the Saver's Credit, all also increase in 2024.
We have quite a few clients maxing out their tax deferral through these contributions so we are excited to help you navigate them as we roll into the new year. Feel free to reach out with any questions.
The IRS announced on November 1st (probably the last minute for any broker that has to implement these changes) that individuals will be able to increase the amounts they can contribute to their 401(k) plans and their IRAs in 2024.
The max contribution to a 401(k) will be $23,000 (up from $22,500 in 2023).
Max annual IRA contributions will increase to $7,000 (up from $6,500 in 2023).
The income ranges for deductibility of contributions to IRAs, Roth IRAs, and to claim the Saver's Credit, all also increase in 2024.
We have quite a few clients maxing out their tax deferral through these contributions so we are excited to help you navigate them as we roll into the new year. Feel free to reach out with any questions.
7724 35th Ave NE #15170
Seattle, WA 98115-9955
(971) 716-1991
hello@prosperowealth.com
Prospero Wealth, LLC is an Investment Adviser registered with the SEC, principally located in the state of Washington. All views, expressions, and opinions included in this communication are subject to change.
The information on this site is not intended as tax, accounting or legal advice, nor is it an offer or solicitation to buy or sell, or as an endorsement of any company, security, fund, or other offering. Information provided should not be solely relied upon for decision making. Please consult your legal, tax, or accounting professional regarding your specific situation. Investments involve risk and have the potential for complete loss. It should not be assumed that any recommendations made will necessarily be profitable.
The information on this site is provided “AS IS” and without warranties either express or implied and the information may not be free from error. Your use of the information provided is at your sole risk.
© Prospero Wealth 2025. All rights reserved.
7724 35th Ave NE #15170
Seattle, WA 98115-9955
(971) 716-1991
hello@prosperowealth.com
Prospero Wealth, LLC is an Investment Adviser registered with the SEC, principally located in the state of Washington. All views, expressions, and opinions included in this communication are subject to change.
The information on this site is not intended as tax, accounting or legal advice, nor is it an offer or solicitation to buy or sell, or as an endorsement of any company, security, fund, or other offering. Information provided should not be solely relied upon for decision making. Please consult your legal, tax, or accounting professional regarding your specific situation. Investments involve risk and have the potential for complete loss. It should not be assumed that any recommendations made will necessarily be profitable.
The information on this site is provided “AS IS” and without warranties either express or implied and the information may not be free from error. Your use of the information provided is at your sole risk.
© Prospero Wealth 2025. All rights reserved.
7724 35th Ave NE #15170
Seattle, WA 98115-9955
(971) 716-1991
hello@prosperowealth.com
Prospero Wealth, LLC (“PW”) is a registered investment advisor offering advisory services in the states of Washington, Oregon, California, and in other jurisdictions where exempted.
© Prospero Wealth 2025. All rights reserved.