The IRS has released the 2024 limits for certain employee benefit plans and the dollar amounts used for certain nondiscrimination testing. Health Flexible Spending Accounts. The 2024 limit for employee contributions to health flexible spending accounts will increase to $3,200. If a cafeteria plan permits the carryover… [Read more]
IRS Announces 401(k) Limits for 2024
The IRS announced that starting in 2024, employees can contribute up to $23,000 into their 401(k), 403(b), most 457 plans or the Thrift Savings Plan for federal employees. That’s an increase of $500 from the 2023 limits. The catch-up contribution limit for employees ages 50… [Read more]