IRS Releases More Cost-of-Living Adjusted Limits for 2025 Notice 2024-80
On Friday, November 1, 2024, the Internal Revenue Service announced in Notice 2024-80 the cost of living adjustments applicable to dollar limitations for qualified retirement plans, and other limits for tax year 2025. The important limits are provided below: 401(k), 403(b) & 457(b) deferrals $23,500 Catch-up 401(k), 403(b) & 457(b) $7,500 415(c) Limit $70,000 Annual Compensation Limit $350,000 HCE Compensation Limit $160,000 Maximum Pension at age 62 $280,000 SIMPLE Deferrals $16,500 SIMPLE Catch-up $3,500 SEP Minimum Compensation $750 Key Employee Limit, Officer Test $230,000 IRAs for individuals age 49 & below $7,000 IRAs for individuals age 50 & above $8,000 The 2024… Read More