401k 2024 Limit Irs. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you're 50 or older). Participants who are 50+ can save an additional $7,500 in 2024 in.
You can contribute to both a 401 (k) and an ira, as long as you keep your contributions to certain limits. 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.