401k 2024 Tax Year Limit Increase. The maximum amount that can be carried over to the following year is set to 20% of the contribution limit in the current tax year. In 2024, the irs raised the limit for annual ira contributions to $23,000 for people under 50 and $30,500 for those 50 and older, a $500 increase from 2023.

The irs has officially announced the 401k and ira contribution limits for the year 2024. If you’re age 50 or older, you’re eligible for an additional $7,500 in catch.