401k Max Contribution 2024 And Ira

401k Max Contribution 2024 And Ira. The contribution limit for simple 401k and simple ira plans is $16,000 in 2024. The internal revenue service (irs) has announced that contribution limits for 401 (k)s, 403 (b)s, most 457 plans, thrift savings plans.

Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase from the $22,500 limit in 2023. If you have an ira and have not yet turned 50, the irs allows you to place up to $7,000 in the account in 2024.