2024 Annual Limits

2024 Annual Limits

As we enter 2024, it is prudent to update funding amounts for various account types to reflect new contribution limits.  With inflation higher than normal in 2023, contribution limits saw larger than normal increases for the new year.  Below we will overview annual limits for notable financial planning items. 

Retirement Accounts

Account Type Limit Catch-Up
IRA $7,000 $1,000 if over 50
Roth IRA $7,000 $1,000 if over 50

401(k) Deferral 

(Pre-tax or Roth)

$23,000 $7,500 if over 50

401(k) Additions 

(415 Limit)

$69,000 $7,500 if over 50
SEP IRA $69,000  
SIMPLE IRA $15,500 $3,500 if over 50

Health Savings Accounts

Account Type Limit Catch-Up
HSA (Single) $4,150 $1,000 if over 55
HSA (Family) $8,30 $1,000 if over 55
FSA $3,050  

Estate and Gift Tax

Annual Gift Tax Exclusion $18,000
Estate and Gift Tax Basic Exclusion $13,610,000 per Person
Maximum Estate Tax Rate 40%

Account types may have limits based on your specific situation and it is always important to discuss them with your CPA or a financial professional.  If you’d like to have an introductory call to discuss your situation with our team click here to schedule a call. 

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