Ira Contribution Limits 2024 With 401k Plan. The irs sets 401(k) contribution limits and typically increases them by $500 each year. The ira contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older.

The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable income. Some retirement plans have lower limits, so check the.