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IRS Sets 2024 Retirement Account Limits: $23,000 for 401(k)s, $7,000 for IRAs

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Source: CNBC
IRS Sets 2024 Retirement Account Limits: $23,000 for 401(k)s, $7,000 for IRAs
Photo: CNBC
TL;DR

The IRS has announced the new retirement account contribution limits for 2024. The employee contribution limit for 401(k) plans will increase to $23,000, while catch-up contributions for those aged 50 and older will remain at $7,500. The contribution limit for IRAs will be raised to $7,000, with catch-up contributions remaining at $1,000. Additionally, the adjusted gross income phaseout range for Roth IRA contributions will increase, potentially allowing more Americans to qualify.

Topics:businessfinance#401k-plans#contribution-limits#finance#iras#irs#retirement-accounts
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  1. IRS announces 2024 retirement account contribution limits: $23,000 for 401(k) plans, $7,000 for IRAs  CNBC
  2. IRS increases 401(k) limit to $23000, IRA limit to $7000 in 2024  Accounting Today
  3. Thrift Savings Plan rule change aimed at spurring savings growth  Federal Times
  4. Roth IRA Contributions Limit 2024 - All you need to know about the Roth IRA Contribution for 2024 in the USA?  BSEB Matric 2024
  5. View Full Coverage on Google News

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