"IRS Introduces Tax Shield: Protect $1000 from Taxation"

The IRS has increased the contribution limits for 401(k) and IRA accounts for 2024, allowing individuals to shield an additional $1,000 from taxes. The 401(k) contribution limit has been raised by $500 to $23,000, while the IRA contribution limit has been increased by $500 to $7,000. Savers aged 50 and older can still make catch-up contributions of $7,500 for 401(k) and $1,000 for IRA accounts. These increases provide investors with more opportunities to save for retirement and take advantage of tax-deferred growth.