Contribution Limits 2024. This limit includes all elective employee salary deferrals and any contributions. 2024 ira contribution and deduction limits effect of modified agi on deductible contributions if you are covered by a retirement plan at work.

The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2023 tax year was $6,500 or $7,500 if you were age 50 or older. The 401 (k) contribution limit for 2024 is $23,000 for employee contributions, and $69,000 for the combined employee and employer contributions.