The IRS Announces Increases in IRA, 401(K) Contributions

The Internal Revenue Service recently announced increases in annual retirement account contributions. For both IRA and 401(k) accounts, the annual contribution limit has increased by $500. The changes apply to other accounts as well, including most 457 plans, 403(b)s, and the Thrift Savings Plan. Catch-up contributions will remain the same through 2024.

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