401k 2024 Tax Year Limitations. But if you are age 50 or older, you. The irs increased 2024 contribution limits for 401 (k)s, 403 (b)s, and iras.

The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you’re 50 or older). For the 2023 tax year, the maximum contribution to a traditional or roth ira is the lesser of (a) your taxable compensation for 2023, or (b) $6,500 (or $7,500 if you are age 50 or.