Book Updates

2024 Defined Contribution Plan Annual Limits

401(k), 403(b), 457 plans (including Roth Contributions)

Employee salary deferral

$23,000 / year

Employees age 50 and older additional “catch-up”

$7,500 / year

2024 IRA or Roth IRA Contribution Annual Limits

Annual Limit

$7,000 / year

Employees age 50 and older additional “catch-up”

$1,000 / year

2024 IRA Deduction Phase-out for Active Participants in an Employer Plan


$77,000 - $87,000

Married filing jointly


Married filing separately

$0 - $10,000

Non-active participant married to active participant

$230,000 - $240,000

2024 Roth Contribution Phase-out


$146,000 - $161,000 / year

Married filing jointly

$230,000 - $240,000 / year


2024 Estate, Gift & GSTT Limits

Annual gift tax exclusion

$18,000 / year per donee

$36,000 / year per donee (if married and split gifts)

Lifetime Estate & Gift Tax Exemption


Lifetime Generation Skipping Transfer Tax (GSTT) Exemption


Maximum Estate, Gift, and GSTT Tax Rate


Disclaimer: The purpose of this book is to provide the most accurate and up-to-date information available on retirement planning. The information may be changed, become outdated, or be rendered incorrect by new legislation or official rulings. Neither the authors nor Spanos Group assume liability or responsibility for any losses that may be sustained or alleged to be sustained, directly or indirectly, by the application of the information contained within, and any such liability is hereby expressly disclaimed.>

Copyright © 2022 by Gennaro A. Marsico

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