2024 Irs 401 K Contribution Limits. The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000. The total employee contribution limit to all 401 (k) and 403 (b) plans for those under 50 will be going up from $22,500 in 2023 to $23,000 in 2024 (compare that to the $2,000 it increased from 2022 to 2023).

The irs limits how much employees and employers can contribute to a 401(k) each year. In 2024, the 401(k) contribution limit for participants is increasing to $23,000, up from $22,500 in 2023.