Tax advantaged account contributions for 2024 including changes for 401k catch-up

 

Contribution limits for 401k, 403b and most 457 plans are increased to $23,000.

For people over 50 - catch-up contributions are additional $7,500, but there are changes in 2024:

401(k) Catch-up contribution changes

Starting in 2024, if you are 50 years old with earned income of at least $145,000 in the previous year, you can make catch up contributions. The change is, the extra contributions will be after-tax, as Roth. 

So, there will be no tax deductions for the catch-up amount.  

UPDATE 10/5/2023: Catch-up contribution as Roth only is now postponed till January 1, 2026.

Traditional IRA and Roth IRA: $7,000.
For people over 50 - catch-up contributions are additional $1,000.

HSA: $4,150 for single and $8,300 for family.
For people over 55 - catch-up contributions are additional $1,000.