2024 Irs Contribution Limits Irs. The irs has increased the 401 (k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023. Individuals age 50 and older are still able to contribute an extra $7,500 for a total of $30,500.
Anyone can contribute to a traditional ira, but your ability to deduct contributions is based on your income. Ira contribution limits for 2024 the limit for both traditional and roth iras is $7,000 total from among all accounts, a $500 increase from the $6,500 limit in 2023.