Annual 401k Contribution Limit 2024. As of 2023, individual employees have a 401 (k) contribution limit of $22,500, allowing them to contribute this amount annually to their 401 (k) account on a. In 2024, for example, the irs limit on ira contributions is $7,000 and $8,000 for those 50 or older.

For 2024, the 401(k) contribution limit for employees is $23,000, or $30,500 if you are age 50 or older. The limit for annual contributions to roth and traditional individual retirement accounts (iras) for the 2024 tax year was $7,000 or $8,000 if you were age 50 or older.