401k 2024 Tax Year Limits 2024. The contribution limits for individual retirement accounts (iras) also. On november 1, 2023, the internal revenue service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.

For those with a 401 (k), 403 (b), or 457 plan through an employer, your new maximum contribution limit will go up to $23,000 in 2024. Contributions to 401 (k)s can be automatically deducted from your paycheck.