EFS's Holiday Hours: Tuesday, Dec 24: 8:00 am ~ 12:00 Noon CST; Wednesday, Dec 25: Closed.
Tuesday, Dec 31: 8:00 am ~ 12:00 Noon CST; Wednesday, Jan 1: Closed.
HOW MUCH CAN YOU PUT INTO YOUR SAVINGS PLAN?
Each year the Treasury Department announces how much you are allowed to put into your retirement savings accounts. Some years the amount remains flat while other years you will see an increase in the contribution limit.
2024 Tax Year Summary
Here is an overview of the changes for 2024. You can download the flyers below for detailed information on all retirement plan types.
The annual contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is $23,000 for 2024—a welcome increase from $22,500 in 2023.
Roth IRA adjusted gross incomes (AGI) phase-out limits were increased. For singles and heads of household, the income phaseout range is $146,000 to $161,000 in 2024, up from $138,000 to $153,000 in 2023. The amount for married couples filing jointly went up to $230,000 to $240,000, up from $218,000 to $228,000 in 2023.
The income limit for the saver’s credit for low- and moderate-income workers is $76,500 for married couples filing jointly for 2024, up from $73,000; $57,375 for heads of household, up from $54,750; and $38,250 for singles and married filing separately, up from $36,500.
| ACCOUNT TYPE | 2023 PLAN CONTRIBUTION LIMIT | 2024 PLAN CONTRIBUTION LIMIT |
| IRA | $6,500 Over 50 Additional Catch-Up Contribution Allowed: $1,000 | $7,000 Over 50 Additional Catch-Up Contribution Allowed: $1,000 |
| ROTH IRA | $6,500 Over 50 Additional Catch-Up Contribution Allowed: $1,000 | $7,000 Over 50 Additional Catch-Up Contribution Allowed: $1,000 |
| 403(b) | $22,500 Over 50 Additional Catch-Up Contribution Allowed: $7,500 | $23,000 Over 50 Additional Catch-Up Contribution Allowed: $7,500 |
| 457 | $22,500 Over 50 Additional Catch-Up Contribution Allowed: $7,500 | $23,000 Over 50 Additional Catch-Up Contribution Allowed: $7,500 |
| 401(k) | $22,500 Over 50 Additional Catch-Up Contribution Allowed: $7,500 | $23,000 Over 50 Additional Catch-Up Contribution Allowed: $7,500 |
DETAILED PLAN INFORMATION