Total Retirement Contribution Limits 2024 Olympics. If your income is low enough and you contribute money to a retirement plan, you can reduce your federal income tax liability by up to $2,000, based on a percentage of your. The 2024 contribution limit for 401(k) plans is $23,000, up from $22,500 in 2023.

Those with 401(k), 403(b), 457 plans, and similar accounts will see a $500 increase for 2024, bringing the total maximum contribution amounts to $23,000. The 401(k) contribution limit in 2024 is $23,000.