This post was authored by Salvatore M. Capizzi, Dunham's Chief Sales & Marketing Officer. If you have questions concerning today's topic, please call us at (858) 964 - 0500. Hold us to higher standards.

It is that time of year when the IRS begins to give us adjustments in taxes and retirement plan limits. Today, Wednesday, November 1, the IRS issues Notice 2023-75, which highlights the 2024 retirement plan and QCD limits.

Here is the summary, and call the Dunham Business Development Team at 858 964 – 0500 for a lamented copy to use as a reference.

Key Adjustments for 2024

As of January 1, 2024, several significant adjustments are set to come into effect including:

1.                  Defined Benefit Plans (Section 415(b)(1)(A)): The annual benefit limit for these plans will increase from $265,000 to $275,000. This adjustment can impact the retirement strategies of high-earning individuals.

2.                  Defined Benefit Plans for Participants Separating Before 2024 (Section 415(b)(1)(B)): Participants who separated from service before January 1, 2024, will have their limitation computed based on their compensation limitation, adjusted through 2023, multiplied by 1.0351.

3.                  Defined Contribution Plans (Section 415(c)(1)(A)): The annual limit for these plans is set to increase from $66,000 to $69,000, offering additional saving opportunities for plan participants.

4.                  401(k) Contributions: The contribution limit for 401(k) plans in 2024 has increased to $23,000, up from $22,500 in 2023.

5.                  IRA Contributions: The limit on annual contributions to an IRA has increased to $7,000, up from $6,500. For individuals aged 50 and over, the catch-up contribution limit remains $1,000 for 2024.

6.                  Catch-up Contributions: Participants in 401(k) and similar plans who are 50 and older can contribute up to $30,500 in 2024, as the catch-up contribution limit remains $7,500.

7.                  Income Ranges for Deductible Contributions: The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs, and claim the Saver's Credit have all increased for 2024.

a.      For single taxpayers covered by a workplace retirement plan, the phase-out range is between $77,000 and $87,000.

b.     For married couples filing jointly, the phase-out range is between $123,000 and $143,000 if a workplace plan covers the contributing spouse.

c.      For a married individual filing separately with a workplace plan, the phase-out range remains $0 to $10,000.

8.                  Roth IRA Income Phase-out: The income phase-out range for Roth IRA contributions has increased to between $146,000 and $161,000 for singles and heads of household, and between $230,000 and $240,000 for married couples filing jointly.

9.                  Saver's Credit: The income limit for the Saver's Credit has increased for married couples filing jointly to $76,500, for heads of household to $57,375, and for singles and married individuals filing separately to $38,250.

10.             SIMPLE Retirement Accounts: The contribution limit for SIMPLE retirement accounts has increased to $16,000, up from $15,500 in the previous year. This change provides individuals with more flexibility to save for retirement through SIMPLE plans.

11.             SECURE 2.0 Act Adjustments:

a.      The limitation on premiums paid for qualifying longevity annuity contracts remains at $200,000 for 2024.

b.     The deductible limit on qualified charitable distributions has increased to $105,000, up from $100,000.

c.      A deductible limit has been introduced for a one-time election to treat a distribution from an individual retirement account made directly by the trustee to a split-interest entity, and for 2024, this limit is $53,000, up from $50,000.

12.             Roth IRA Contribution Limits:

a.      The maximum Roth IRA contribution for married taxpayers filing jointly has increased to $230,000, up from $218,000.

b.      For all other taxpayers (except married individuals filing separately), the AGI limit for Roth IRA contributions has increased to $146,000, up from $138,000.

13.             Deductible Qualified Charitable Distributions:

a.      The aggregate amount of qualified charitable distributions not includible in gross income has increased from $100,000 to $105,000.

b.      The amount of qualified charitable distributions made directly to a split-interest entity like a Charitable Remainder Trust through a one-time election has increased from $50,000 to $53,000.

14.              Simplified Employee Pensions (SEPs): The compensation amount related to simplified employee pensions (SEPs) remains at $750 for 2024.

15.             Multiemployer Plan Threshold: The threshold used to determine whether a multiemployer plan is considered a systemically important plan has increased from $1,256,000,000 to $1,369,000,000. This adjustment aims to align with cost-of-living changes.

16.             Retirement Savings Contributions Credit (Saver's Credit):

a.      The income limits for the Saver's Credit have increased, providing more opportunities for low- and moderate-income workers to claim this credit.

b.     For married couples filing jointly, the income limit is now $76,500.

c.      For heads of household, the limit is $57,375.

d.     For singles and married individuals filing separately, the limit is $38,250.

These changes reflect the IRS's efforts to keep retirement plans and tax benefits in line with the evolving cost of living.

We hope this information will help you when planning retirement and tax strategies.

Should you have any specific questions or would like the laminated copy, please contact our business development Team at (858) 964 – 0500.


 1.      “2024 Limitations Adjustments a Provided in Section 415 (d), etc.,” by The IRS, November 1, 2023,

 2.      “401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000”, The IRS, November 1, 2023,


This communication is general in nature and provided for educational and informational purposes only. It should not be considered or relied upon as legal, tax, or investment advice or an investment recommendation, or as a substitute for legal counsel. Any investment products or services named herein are for illustrative purposes only and should not be considered an offer to buy or sell, or an investment recommendation for, any specific security, strategy, or investment product or service. Always consult a qualified professional or your own independent financial professional for personalized advice or investment recommendations tailored to your specific goals, individual situation, and risk tolerance.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Dunham & Associates Investment Counsel, Inc. is a Registered Investment Adviser and Broker/Dealer. Member FINRA/SIPC.

Advisory services and securities offered through Dunham & Associates
Investment Counsel, Inc.