401 K Plan Contribution Limits 2024 Calendar. In 2024, the irs raised the limit for annual ira contributions to $23,000 for people under 50 and $30,500 for those 50 and older, a $500 increase from 2023. The 401 (k) contribution limit is $23,000.

Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401 (k), 403 (b) and 457 (b) plans increased from $22,500 to $23,000. The amount of salary deferrals someone can contribute to retirement plans is the individual limit each calendar year no matter how many plans (e.g., 401k, 403b,.