401 (k) Plan Limits
| Defined Contribution Plans | 2024 | 2023 | Change |
| Maximum employee elective deferral (age 49 or younger) 1 | $23,000 | $22,500 | +$500 |
| Employee catch-up contribution (age 50 or older by year-end) 2 | $7,500 | $7,500 | No change |
| Maximum employee elective deferral plus catch-up contribution (age 50 or older) | $30,500 | $30,000 | +$500 |
| Defined contribution maximum limit, employee + employer (age 49 or younger) 3 | $69,000 | $66,000 | +$3,000 |
| Defined contribution maximum limit (age 50 or older), all sources + catch-up | $76,500 | $73,500 | +$3,000 |
| Employee compensation limit for calculating contributions | $345,000 | $330,000 | +$15,000 |
| Key employees’ compensation threshold for top-heavy plan testing 4 | $220,000 | $215,000 | +$5,000 |
| Highly compensated employees’ threshold for nondiscrimination testing 5 | $155,000 | $150,000 | +$5,000 |
1The $23,000 elective deferral limit is also known as the 402(g) limit, after the relevant tax code section. Participants’ annual contributions may not exceed 100% of their compensation.
2The $7,500 catch-up contribution limit for participants age 50 or older applies from the start of the year for those turning 50 at any time during the year.
3Total contributions from all sources may not exceed 100% of a participant’s compensation.
4Includes officers of the company sponsoring the plan.
5For the 2023 plan year, an employee who earned more than $150,000 in 2022 is an HCE.
Source: IRS Notice 2023-75.
View IRS Announces 401(k) Contribution Limit for 2024.
Defined Benefit Limits
| Defined Benefit Plans | 2024 | 2023 | Change |
| Defined benefit plan annual benefit and accrual limit | $275,000 | $265,000 | +$10,000 |
Source: IRS Notice 2023-75.
View IRS Announces 401(k) Contribution Limit for 2024.
HSA and HDHP Limits
| Health Savings Accounts (HSAs) and High-Deductible Health Plans (HDHPs) | 2024 | 2023 | Change |
| HSA contribution limit (employer + employee) | Self-only: $4,150Family: $8,300 | Self-only: $3,850Family: $7,750 | Self-only: +$300Family: +$550 |
| HSA catch-up contributions (age 55 or older) | $1,000 | $1,000 | No change (not indexed) |
| HDHP minimum deductibles | Self-only: $1,600Family: $3,200 | Self-only: $1,500Family: $3,000 | Self-only: +$100 Family: +$200 |
| HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums) | Self-only: $8,050Family: $16,100 | Self-only: $7,500Family: $15,000 | Self-only: +$550Family: +$1,100 |
Source: IRS Revenue Procedure 2023-23.
Health FSA Limits
| Health Care Flexible Spending Accounts (Health FSAs) and Limited-Scope (Vision/Dental) FSAs | 2024 | 2023 | Change |
| Maximum salary deferral | $3,200 | $3,050 | +$150 |
| Maximum rollover amount | $640 | $610 | +$30 |
Source: IRS Revenue Procedure 2023-34.
View IRS Announces 2024 Health FSA Contribution Cap.
Dependent Care FSA Limits
| Dependent Care FSAs (DC-FSAs) also called Dependent Care Assistance Plans (DCAPs) | 2024 | 2023 | Change |
| Maximum salary deferral (single taxpayers and married couples filing jointly) | $5,000 | $5,000 | No change (not indexed) |
| Maximum salary deferral (married couples filing separately) | $2,500 | $2,500 | No change (not indexed) |
Source: IRS Revenue Procedure 2023-34.
View IRS Announces 2024 Health FSA Contribution Cap.
EBHRA Limits
| Excepted-Benefit Health Reimbursement Arrangements (EBHRAs) | 2024 | 2023 | Change |
| Annual employer contribution for an excepted-benefit HRA | $2,100 | $1,950 | +$150 |
Source: IRS Revenue Procedure 2023-23.
QSEHRA Limits
| Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) | 2024 | 2023 | Change |
| Maximum payments and reimbursements through the QSEHRA | Self-only: $6,150Family: $12,450 | Self-only: $5,850 Family: $11,800 | Self-only: +$300 Family: +$650 |
Source: IRS Revenue Procedure 2023-34.
Commuter Transit and Parking Limits
| Qualified Transportation Benefit (monthly limits) | 2024 | 2023 | Change |
| Transit passes and van pool services (employer + employee) | $315 | $300 | +$15 |
| Qualified parking | $315 | $300 | +$15 |
Source: IRS Revenue Procedure 2023-34.
View IRS Announces 2024 Health FSA Contribution Cap.
Adoption Assistance
| Adoption Benefits (Annual limits) | 2024 | 2023 | Change |
| Maximum credit | $16,810 | $15,950 | +$860 |
| Phase-out income thresholds: | |||
| Phase-out begins | $252,150 | $239,230 | +$12,920 |
| Phase-out complete | $292,150 | $279,230 | +$12,920 |
Source: IRS Revenue Procedure 2023-34.
Earnings Subject to Social Security Payroll Tax
| Social Security (FICA) Payroll Tax | 2024 | 2023 | Change |
| Maximum earnings subject to Social Security 12.4% FICA payroll tax (6.2% paid by employer and 6.2% paid by employee) | $168,600 | $160,200 | +$8,400 |
Source: Social Security Administration.