2024 Limits
Maximum employee contribution to employer retirement plans (TSP, 401k, 403b): $28,500
Additional catch-up contribution to employer retirement plans for those aged 50 years: $7,500
Maximum contribution to 457 plans: $23,000
Limit on annual additions to defined contribution plans (sum of both employer and employee contributions): $69,000
Annual benefit limit for defined benefit plans (pensions): $275,000
Limitation used for definition of highly compensated employee: $155,000
Health Savings Account: single: $4,150 and family: $8,300
Additional catch-up contribution for Health Savings Account for those who aged 55 years: $1,000
Traditional and Roth IRA*: $7,000
Maximum contribution subject to Social Security tax: $168,600
Annual Gift Tax Exclusion: $18,000
Flexible Spending Account for Dependent Care: $5,000
*Subject to income restrictions. Inquire with RVPF for more information.
2023 Limits
Maximum employee contribution to employer retirement plans (TSP, 401k, 403b): $22,500
Additional catch-up contribution to employer retirement plans for those aged 50 years: $7,500
Maximum contribution to 457 plans: $22,500
Limit on annual additions to defined contribution plans (sum of both employer and employee contributions): $66,000
Annual benefit limit for defined benefit plans (pensions): $265,000
Limitation used for definition of highly compensated employee: $150,000
Health Savings Account: single: $3,850 and family: $7,750
Additional catch-up contribution for Health Savings Account for those who aged 55 years: $1,000
Traditional and Roth IRA*: $6,500
Maximum contribution subject to Social Security tax: $160,200
Annual Gift Tax Exclusion: $17,000
Flexible Spending Account for Dependent Care: $5,000
*Subject to income restrictions. Inquire with RVPF for more information.
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