Highly Compensated Individual 2024. The 401 (k) contribution limits for 2023 are $22,500, or $30,000 if you're 50 or older. The threshold for determining who’s a highly compensated employee will increase to $155,000 (up from $150,000).
On april 23, 2024, the u.s. Department of labor (department) announced a final rule, defining and delimiting the exemptions for.
— Individual Or A Married Couple Filing Jointly:
Qualified retirement plan limits :
The Threshold For Determining Who’s A Highly Compensated Employee Will Increase To $155,000 (Up From $150,000).
Keep reading for the updated limits in each category.
The 401 (K) Contribution Limits For 2023 Are $22,500, Or $30,000 If You're 50 Or Older.
Images References :
Or, Regardless Of Ownership, If An Employee Earned More Than $155,000 In 2024 (Up From.
Similarly, highly compensated employees are identified based on a compensation threshold of $155,000.
The Employee Contribution Limit For Simple Iras And Simple 401 (K) Plans Is Increased To $16,000, Up From $15,500.
Schobel are partners at wachtell, lipton, rosen & katz.
