Rev. Rul. 2024-1

This revenue ruling provides tables of covered compensation under § 401(l)(5) (E) of the Internal Revenue Code and the Income Tax Regulations thereunder, for the 2024 plan year.

Section 401(l)(5)(E)(i) defines covered compensation with respect to an employee as the average of the contribution and benefit bases in effect under section 230 of the Social Security Act (“Act”) for each year in the 35‑year period ending with the year in which the employee attains Social Security retirement age.

Section 401(l)(5)(E)(ii) of the Code states that the determination for any year

preceding the year in which the employee attains Social Security retirement age shall be made by assuming that there is no increase in covered compensation after the determination year and before the employee attains Social Security retirement age.

Section 1.401(l)-1(c)(34) of the Regulations defines the taxable wage base as the contribution and benefit base under section 230 of the Act.

Section 1.401(l)-1(c)(7)(i) defines covered compensation for an employee as the average (without indexing) of the taxable wage bases in effect for each calendar year during the 35-year period ending with the last day of the calendar year in which the employee attains (or will attain) Social Security retirement age. A 35‑year period is used for all individuals regardless of the year of birth of the individual. In determining an employee’s covered compensation for a plan year, the taxable wage base for all calendar years beginning after the first day of the plan year is assumed to be the same as the taxable wage base in

effect as of the beginning of the plan year. An employee’s covered compensation for a plan year beginning after the 35-year period applicable under § 1.401(l)‑1(c)(7)(i) is the employee’s covered compensation for a plan year during which the 35-year period ends. An employee’s covered compensation for a plan year beginning before the 35-year period applicable under § 1.401(l)-1(c)(7)(i) is the taxable wage base in effect as of the beginning of the plan year.

Section 1.401(l)-1(c)(7)(ii) provides that, for purposes of determining the amount of an employee’s covered compensation under § 1.401(l)-1(c)(7)(i), a plan may use tables, provided by the Commissioner, that are developed by rounding the actual amounts of covered compensation for different years of birth.

For purposes of determining covered compensation for the 2024 year, the taxable wage base is $168,600.

The following tables provide covered compensation for 2024.

ATTACHMENT I 2024 COVERED COMPENSATION TABLE CALENDAR CALENDAR YEAR OF

2024 COVERED COMPENSATION

YEAR OF

CALENDAR YEAR OF

SOCIAL SECURITY

RETIREMENT AGE

BIRTH

BIRTH RETIREMENT AGE TABLE II

1907 1972 $ 4,488 1908 1973 4,704 1909 1974 5,004 1910 1975 5,316 1911 1976 5,664 1912 1977 6,060 1913 1978 6,480 1914 1979 7,044 1915 1980 7,692 1916 1981 8,460 1917 1982 9,300 1918 1983 10,236 1919 1984 11,232 1920 1985 12,276 1921 1986 13,368 1922 1987 14,520

Bulletin No. 2024–2 307 January 8, 2024

ATTACHMENT I 2024 COVERED COMPENSATION TABLE CALENDAR CALENDAR YEAR OF

2024 COVERED COMPENSATION

YEAR OF

CALENDAR YEAR OF

SOCIAL SECURITY

RETIREMENT AGE

BIRTH

BIRTH RETIREMENT AGE TABLE II

1923 1988 15,708 1924 1989 16,968 1925 1990 18,312 1926 1991 19,728 1927 1992 21,192 1928 1993 22,716 1929 1994 24,312 1930 1995 25,920 1931 1996 27,576 1932 1997 29,304 1933 1998 31,128 1934 1999 33,060 1935 2000 35,100 1936 2001 37,212 1937 2002 39,444 1938 2004 43,992 1939 2005 46,344 1940 2006 48,816 1941 2007 51,348 1942 2008 53,952 1943 2009 56,628 1944 2010 59,268 1945 2011 61,884 1946 2012 64,560 1947 2013 67,308 1948 2014 69,996 1949 2015 72,636 1950 2016 75,180 1951 2017 77,880 1952 2018 80,532 1953 2019 83,244 1954 2020 86,052 1955 2022 91,884 1956 2023 95,172 1957 2024 98,616 1958 2025 101,964 1959 2026 105,264 1960 2027 108,492 1961 2028 111,660 1962 2029 114,744 1963 2030 117,816

January 8, 2024 308 Bulletin No. 2024–2

ATTACHMENT I 2024 COVERED COMPENSATION TABLE CALENDAR CALENDAR YEAR OF

2024 COVERED COMPENSATION

YEAR OF

CALENDAR YEAR OF

SOCIAL SECURITY

RETIREMENT AGE

BIRTH RETIREMENT AGE TABLE II

1964 2031 120,840 1965 2032 123,792 1966 2033 126,660 1967 2034 129,396 1968 2035 132,036 1969 2036 134,556 1970 2037 136,944 1971 2038 139,284 1972 2039 141,588 1973 2040 143,832 1974 2041 145,956 1975 2042 147,984 1976 2043 149,892 1977 2044 151,656 1978 2045 153,420 1979 2046 155,184 1980 2047 156,864 1981 2048 158,424 1982 2049 159,900 1983 2050 161,340 1984 2051 162,768 1985 2052 163,944 1986 2053 165,096 1987 2054 166,116 1988 2055 167,004 1989 2056 167,736 1990 2057 168,360 1991 and later 2058 and later 168,600

BIRTH

Bulletin No. 2024–2 309 January 8, 2024

ATTACHMENT II 2024 ROUNDED COVERED COMPENSATION TABLE CALENDAR

YEAR OF

2024 COVERED COMPENSATION

BIRTH ROUNDED

1937 $ 39,000 1938 – 1939 45,000 1940 48,000 1941 51,000 1942 54,000 1943 57,000 1944 60,000 1945 63,000 1946 – 1947 66,000 1948 69,000 1949 72,000 1950 75,000 1951 78,000 1952 81,000 1953 84,000 1954 87,000 1955 93,000 1956 96,000 1957 99,000 1958 102,000 1959 105,000 1960 108,000 1961 111,000 1962 114,000 1963 117,000 1964 120,000 1965 123,000 1966 126,000 1967 129,000 1968 132,000 1969 135,000 1970 – 1971 138,000 1972 141,000 1973 144,000 1974 – 1975 147,000 1976 150,000 1977 – 1978 153,000 1979 – 1980 156,000 1981 – 1982 159,000 1983 – 1984 162,000 1985 – 1987 165,000 1988 – 1989 168,000 1990 and later 168,600

BIRTH

January 8, 2024 310 Bulletin No. 2024–2

DRAFTING INFORMATION

The principal author of this notice is Tom Morgan of the Office of Associate Chief Counsel (Employee Benefits, Exempt Organizations, and Employment Taxes). However, other personnel from the IRS participated in the development of this guidance. For further information regarding this notice, contact Mr. Morgan at 202-317-6700 or Nicholas Fox at 267466-2192 (not toll-free numbers).

Section 1274.— Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property

(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7702, 7872.)