On November 1, 2023, the IRS issued Notice 2023-75 and an accompanying news release, announcing retirement plan dollar limits and thresholds for 2024. Selected dollar limits and thresholds are summarized here, with references to the governing sections of the Internal Revenue Code.
Note also that our earlier news alert reported that the Social Security Administration had announced that, for 2024, Social Security benefits will increase by 3.2%, and the Social Security taxable wage base will increase to $168,600 from $160,200.
If you have any questions about this news alert, please contact Scott D. Piper at (585) 419-8621 and spiper@harrisbeachmurtha.com or Patricia E. Reilly at (203) 772-7733 and preilly@harrisbeachmurtha.com.
