Tommi Gratiana

Irc Section 415 Limits For 2024. Section 415 of the internal revenue code (“code”) provides for dollar limitations on benefits and contributions under qualified retirement plans. The dollar limitations adjusted by reference to irc section 415 (d) are modified annually for inflation and, consequently, most of them are changed for 2024.

Benefits with respect to a participant exceed the limitation of this subsection if, when expressed as an annual benefit (within the meaning of paragraph. The internal revenue code (irc) section 415(c) contribution limit applicable to defined contribution retirement plans increased from $66,000 to $69,000 for 2024.