401k 2024 Contribution Limit Irs Over 50. The contribution limit for employees who participate in 401 (k), 403 (b), most 457 plans, and the federal government's thrift. According to the irs, the limit on annual contributions to an ira increased to $7,000 for 2024, up from $6,500 for the 2023 tax year.
What happens if you go over the limit? Defined contribution maximum limit, all sources: