Irs 401k 2024 Maximum Limit. The elective deferral limit for simple plans is 100% of compensation or $16,000 in 2024, $15,500 in 2023, $14,000 in 2022, and $13,500 in 2020 and 2021. For individual retirement accounts, or iras—both roth and traditional types—2024 contributions will max out at $7,000, up.
What is the 401(k) contribution limit in 2024? The limit for both traditional and roth iras is $7,000 total from among all accounts, a $500 increase from the $6,500 limit in 2023.