Retirement Accounts

401(k), 403(b), Governmental 457(b) plan contribution limits

Employee maximum deferral contributions $22,500; Catch-up contribution (if age 50 or older) $7,500

Combined limit for designated Roth account and pretax 401(k), or 403(b) deferral contributions is $22,500 for those younger than 50 and $30,000 for those 50 and older within a particular tax year.

Traditional and Roth IRAs

Maximum contribution $6,500; Catch-up contribution (if age 50 or older) $1,000

• The total contribution to all of your Traditional and Roth IRAs cannot be more than the annual

maximum for your age or 100% of earned income, whichever is less.

• Roth IRA contributions can be made at any age as long as you, or your spouse, if filing jointly,

have earned income and are at or under modified adjusted gross income (MAGI) phase-out limits.

• There is no maximum age for making Traditional IRA contributions, as long as you, or your spouse

if filing jointly, has earned income.

• Roth contributions are not tax-deductible.

• You can contribute to an IRA whether or not you contribute to a workplace retirement plan,

such as a 401(k), 403(b), SEP IRA, or SIMPLE IRA, as long as you have enough earned income

to cover the contributions.

• Monday, April 15, 2024, is the last day to establish and/or make contributions for 2023 for

Traditional and Roth IRAs and Coverdell Education Savings Accounts (ESAs) — no extension.

• Contribution deadline extensions apply to employer contributions with SEP and SIMPLE IRAs