Simple Ira Contribution Limits 2024 Irs. What are the contribution limits for a simple ira plan? The irs announced today it will increase 401(k) contribution limits to $23,500 (from $23,000 in 2024), the same increase as last year, while limits for employees over 50 remains.

The irs on friday announced the annual contribution limits for qualified defined contribution plans and individual retirement accounts for the 2025 tax year. The amount that individuals can contribute to their simple retirement accounts will increase to $16,500 in 2025, up from $16,000 in 2024.