New Contribution and Gifting Limits for 2024

February 14, 2024
The new retirement contribution and gift exemption limits for 2024 allow you to direct more funds into tax-advantaged accounts and possibly reduce estate taxes.

With inflation seemingly on the decline, the IRS' changes to contribution and gift limits for 2024 are not as substantial as they were in 2023. "However, even small increases mean you can save more tax-advantaged money," says Hayden Adams, CPA, CFP®, director of tax and wealth management at the Schwab Center for Financial Research. Here's a look at the changes for 2024.

  • Type 
  • 2023 limit 
  • 2024 limit 
  • Change
  • Type 
    401(k), 403(b), 457(b), and their Roth equivalents
  • 2023 limit 
    $22,500 
  • 2024 limit 
    $23,000 
  • Change
    +$500 
  • Type 
    Catch-up contribution (ages 50+) 
  • 2023 limit 
    $7,500
  • 2024 limit 
    $7,500
  • Change
    No change
  • Type 
    Traditional and Roth IRAs
  • 2023 limit 
    $6,500
  • 2024 limit 
    $7,000
  • Change
    +$500
  • Type 
    Catch-up contribution (ages 50+)
  • 2023 limit 
    $1,000
  • 2024 limit 
    $1,000
  • Change
    No change
  • Type 
    Health savings account
  • 2023 limit 
    Individual: $3,850
    Family: $7,750
  • 2024 limit 
    Individual: $4,150
    Family: $8,300
  • Change
    Individual: +$300
    Family: +$550
  • Type 
    Catch-up contribution (ages 55+)
  • 2023 limit 
    $1,000
  • 2024 limit 
    $1,000
  • Change
    No change 
  • Type 
    SEP-IRA* and overall defined contribution plan limit†
  • 2023 limit 
    $66,000
  • 2024 limit 
    $69,000
  • Change
    +$3,000
  • Type 
    SIMPLE IRA and SIMPLE 401(k)
  • 2023 limit 
    $15,500
  • 2024 limit 
    $16,000
  • Change
    +$500

*SEP-IRA contributions are limited to the lesser of 25% of the employee's compensation or the $69,000 annual limit. The limit for owners is the lesser of 20% of net income or the annual limit.

†Includes 401(k) and 403(b) plans. Does not include 457(b) plans.

  • Type
  • 2023 limit
  • 2024 limit
  • Change
  • Type
    Annual gift tax exclusion (per recipient)
  • 2023 limit
    Individual: $17,000
    Family: $34,000 
  • 2024 limit
    Individual: $18,000
    Family: $36,000 
  • Change
    Individual: +$1,000
    Family: +$2,000 
  • Type
    Lifetime gift and estate tax exemption
  • 2023 limit
    Individual: $12.92 million
    Family: $25.84 million
  • 2024 limit
    Individual: $13.61 million
    Family: $27.22 million 
  • Change
    Individual: +$690,000
    Family: +$1,380,000 

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