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|
2025 |
2024 |
401(k), 403(b), 457 |
|
|
Annual compensation limit |
$350,000 |
$345,000 |
Defined contribution limit |
$70,000 |
$69,000 |
Elective deferral limit |
$23,500 |
$23,000 |
Catch-up contribution limit (age 50+) |
$7,500 |
$7,500 |
Catch-up contribution limit (age 60, 61, 62, and 63) |
$11,250 |
N/A |
SIMPLE Plans |
|
|
Elective deferral limit |
$16,500 |
$16,000 |
Catch-up contribution limit (age 50+) |
$3,500 |
$3,500 |
Catch-up contribution limit (age 60, 61, 62, and 63) |
$5,250 |
N\A |
SEP Plans |
|
|
Annual compensation limit |
$350,000 |
$345,000 |
Employer contribution limit |
$70,000 |
$69,000 |
Minimum compensation limit |
$750 |
$750 |
Traditional and Roth IRAs |
|
|
Annual contribution limit |
$7,000 |
$7,000 |
Catch-up contribution limit (age 50+) |
$1,000 |
$1,000 |
Health Savings Accounts |
|
|
Annual contribution limit for family |
$8,550 |
$8,300 |
Annual contribution limit for individual |
$4,300 |
$4,150 |
Other |
|
|
Social Security taxable wage base |
$176,100 |
$168,600 |
Definition limit for highly compensated employee |
$160,000 |
$155,000 |
Definition limit for key employee |
$230,000 |
$220,000 |
Annual benefit limit for defined benefit plans |
$280,000 |
$275,000 |
ESOP 5-year distribution threshold |
$1,415,000 |
$1,380,000 |
ESOP additional year threshold |
$280,000 |
$275,000 |
Standard Deductions |
|
|
Married/filing jointly and qualified widow(er)s |
$30,000 |
$29,200 |
Additional amount for blind or age 65+ |
$1,600 |
$1,550 |
Unmarried and not a surviving spouse |
$15,000 |
$14,600 |
Additional amount for blind or age 65+ |
$2,000 |
$1,950 |
Roth IRA Contribution Eligibility
2025
| Filing Status | Modified Adjusted Gross Income (MAGI) | Contribution Limit |
| Single Individuals | < $150,000 | $7,000 |
| ≥ $150,000 but < $165,000 | Partial Contribution | |
| ≥ $165,000 |
Not eligible | |
| Married (filing joint returns); Qualifying widow(er) | < $236,000 | $7,000 |
| ≥ $236,000 but < $246,000 | Partial Contribution | |
| ≥ $246,000 | Not eligible | |
| Married (filing separately) | Not eligible |
$7,000 |
| < $10,000 | Partial Contribution | |
| ≥ $10,000 |
Not eligible |
2024
| Filing Status | Modified Adjusted Gross Income (MAGI) | Contribution Limit |
| Single Individuals | < $146,000 | $7,000 |
| ≥ $146,000 but < $161,000 | Partial Contribution | |
| ≥ $161,000 |
Not eligible | |
| Married (filing joint returns); Qualifying widow(er) | < $230,000 | $7,000 |
| ≥ $230,000 but < $240,000 | Partial Contribution | |
| ≥ $240,000 | Not eligible | |
| Married (filing separately) | Not eligible |
$7,000 |
| < $10,000 | Partial Contribution | |
| ≥ $10,000 |
Not eligible |
To learn more about maximizing your retirement savings, talk to your financial professional and tax professional.
Sources: IRS Notice 2024-80; IRS Rev. Proc. 2024-25; IRS Rev. Proc. 2024-40; www.ssa.gov
This information has been prepared from sources believed reliable but the accuracy and completeness of the information cannot be guaranteed. This material and/or its contents are current at the time of writing and are subject to change without notice.
This content is not intended to be investment or fiduciary advice.
Hartford Funds does not provide legal or tax advice. Shareholders should consult a legal or tax professional for additional information.
This information is provided for information purposes only.
MFDC011 4024056