What Is The Max 401k Deduction For 2024. 2024 retirement account contribution amounts. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000.

The 401 (k) contribution limits for 2024 are $23,000 for individuals under 50, and $30,500 for those 50 and older. When you make a contribution to a traditional 401 (k), you can deduct that amount from your taxable income within that year.