The IRS has published the 2024 contribution limits for your 401k, IRA, and other retirement plans. Now is a great time to review your contributions to ensure you are making the most of your retirement plans. Here are a few key items to remember as you make your 2024 contributions:
It is usually best to make your 401k contributions throughout the year rather than ‘front-loading’ your contributions. To contribute the maximum amount to your 401k divide the maximum contribution by your salary and enter the resulting percentage as your 401k contribution rate.
2023 IRA Contributions and SEP IRA Contributions must be made before you file your 2023 tax return or April 15 – whichever is earliest.
SEP IRA contributions are also limited to 20% of business net income