2023 Marcum Year-End Tax Guide

132

DOLLAR LIMIT FOR RETIREMENT PLANS PLAN TYPES

2023 LIMITS

2024 LIMITS

Defined Contribution Plans - 401(k), 403(B) and 457 and Thrift Plans under Age 50

$22,500

$23,000

Age 50 and Older

$30,000

$30,500

Age 50 + Catch-up contributions to 401(k), 403(B), and 457 and Thrift Plans

$7,500

$7,500

Simple Plans: under Age 50

$15,500

$16,000

Simple Plans: Age 50 and Older

$19,000

$19,500

Catch-up contributions to SIMPLE’s Age 50 and older

$3,500

$3,500

Limit on annual contribution to an IRA

$6,500

$7,000

Age 50 + IRA Catch-Up Contribution

$1,000

$1,000

Traditional IRA AGI Phase-Out Range (MFJ, Spouse making the IRA contribution is covered by a workplace plan) Traditional IRA AGI Phase-Out Range (MFJ, Contributer is not covered by a workplace plan but spouse is covered)

$116,000 - $136,000

$123,000 - $143,000

$218,000 - $228,000

$230,000 - $240,000

Traditional IRA AGI Phase-Out Range (Single/HOH)

$73,000 - $83,000

$77,000 - $87,000

Traditional IRA AGI Phase-Out Range (MFS)

$0 - $10,000

$0 - $10,000

Roth IRA AGI Phase-Out Range (Single/HOH)

$138,000 - $153,000

$146,000 - $161,000

Roth IRA AGI Phase-Out Range (MFJ)

$218,000 - $228,000

$230,000 - $240,000

Roth IRA AGI Phase-Out Range (MFS)

$0 - $10,000

$0 - $10,000

Maximum annual defined contribution plan limit

$66,000

$69,000

Maximum annual defined benefit limit

$265,000

$275,000

Maximum compensation for calculating qualified plan contributions

$330,000

$345,000

SEP Annual Contribution Limit (the lesser of 25% of the first $345,000 of compensation or:

$66,000

$69,000

Threshold for Key Employee in a Top-Heavy Plan

$215,000

$220,000

Threshold Highly Compensated Employee

$150,000

$155,000

HEALTH SAVINGS ACCOUNT

CONTRIBUTION LIMITS

2023

2024

Single/Family

$3,850/$7,750

$4,150/$8,300

Age 55+ Catch-up Contribution

$1,000

$1,000