2024 Annual Contribution Limits
The annual IRS contribution limits are increased periodically due to inflation, but they're not increased every year. Keep in mind that, in some 457 plans and the Thrift Savings Plan (TSP), there are a few circumstances when you can contribute above the annual limits. In addition, the maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your income.
| Product | Maximum Annual Contribution Limit |
|---|---|
| Traditional IRA & Roth IRA | $7,000, plus $1,000 catch-up if 50 or older (Limit is for the total contributions to all traditional or Roth IRAs.) |
| Traditional 401(k) & 403(b) | $23,000, plus $7,500 catch-up if 50 or older |
| Roth 401(k) & 403(b) | $23,000, plus $7,500 catch-up if 50 or older |
| 457 | $23,000 for most plans, plus $7,500 catch-up if 50 or older; potential for additional catch-up when approaching retirement |
| Thrift Savings Plan | $23,000, plus $7,500 catch-up if 50 or older |
| SEP IRA | 25% of your self-employment net earnings, up to a cap of $69,000 |
| SIMPLE IRA | $16,000, plus $3,500 catch-up if 50 or older |
