Contribution Limit For 2024
Contribution Limit For 2024
The contribution limit for individual retirement accounts (iras) for the 2024 tax year is $7,000. Employees age 50 or older are eligible to contribute an additional $1,000, for a total of $8,000.
The contribution limit for 401(k)s, 403(b)s, most 457 plans and the federal government’s thrift savings plan is $23,000 for 2024, up from $22,500 in 2023. The 401(k) contribution limit for 2024 is $23,000.