402 G Limit 2024 Catch Up Rules. Irc section 402 (g) limits the amount of retirement plan elective deferrals you may exclude from taxable income in your taxable year, which is generally the calendar year. A 403 (b) plan that offers elective deferrals must require that they won't exceed the limits under irc sections 401 (a) (30) and 402 (g).
The first two subparagraphs of irc §402 (g) (1) set the general limits on. Secure act 2.0 builds on the 2019 secure act and introduces several changes affecting the thrift savings plan (tsp).
For The 2024 Calendar Year, The 402(G) Limit Is $23,000.
$19,500 in 2020 and 2021 and $19,000 in 2019), plus $7,500 in 2023;
For 2024, The 402(G) Limit Is $23,000, Or 100% Of Your Annual Compensation, Whichever Is.
This means your individual limit increases from $23,000 to $30,500 in 2024;
402 G Limit 2024 Catch Up Rules Images References :
Secure Act 2.0 Builds On The 2019 Secure Act And Introduces Several Changes Affecting The Thrift Savings Plan (Tsp).
Elective deferrals are limited by irc section 402(g).
The Elective Deferral Limit Under Irc Section 402 (G) Increased From $22,500 To $23,000 For 2024.
This means your individual limit increases from $23,000 to $30,500 in 2024;