401k 2024 Tax Year Limits In India. โ you can only deduct $7,000 in ira contributions for the 2024 tax year. In 2022, the most you can contribute to a roth 401(k) and contribute in pretax contributions to a traditional 401(k) is $20,500.
On november 1, 2023, the internal revenue service announced that the amount individuals can contribute to their 401(k). Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401 (k), 403 (b) and 457 (b) plans increased from $22,500 to $23,000.