415 Limit 2024

415 Limit 2024. Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401 (k), 403 (b) and 457 (b) plans increased from $22,500 to $23,000. Effective january 1, 2024, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(a) of the code is increased from $265,000 to $275,000.

The 415(c) limit is the maximum amount of contributions that individuals can make to a defined contribution retirement plan in a calendar year, as per section 415(c) of the internal revenue code. Section 415 of the internal revenue code (code) provides for dollar limitations on benefits and contributions under qualified retirement plans.