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 limits reflect issuance of IRS Notice 2024-80 (November 1, 2024). The IRS Notice 2024-80 can be viewed at: https://www.irs.gov/pub/irs-drop/n-24-80.pdf |