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Federal: IRS Releases 2024 Retirement Plan Contribution Limits

On November 1, 2023, the IRS announced the following changes for 2024:

 

  1. For single taxpayers covered by a workplace retirement plan, the phase-out range increases to between $77,000 and $87,000, up from between $73,000 and $83,000.
  2. For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range increases to between $123,000 and $143,000, up from between $116,000 and $136,000.
  3. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the phase-out range increases to between $230,000 and $240,000, up from between $218,000 and $228,000.
  4. For a married individual filing a separate return and who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.

 

Details on these and other retirement-related cost-of-living adjustments for 2024 are located in IRS Notice 2023-75.

 

Mineral Platform (trustmineral.com)

Posted Date: 2023-11-20

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