Total 401k Limit 2024. The 401(k) contribution limit for individuals has been increased to $23,000 for 2024. The maximum roth ira contribution limit for 2024 is $7,000 for those under 50, and an additional $1,000 in catch up contribution for those 50 and older.

So keep that in mind!. If you exceed an annual contribution limit, you’ll be hit with an irs penalty (assuming you don’t rectify your mistake in time).