2024 Limits for 401K is $23,000

2024 Limits for IRA and Roth IRA contributions

$7,000 for those under 50 and $8,000 for those over 50 years of age

Income limitations for Roth have expanded to 146,000-161,000 for single, or head of household or 230,000-240,000 married filing joint

Max Out Retirement Accounts and Employee Benefits

Taxable income can be reduced for contributions to a 401(k) or 403(b) plan. Those who are 50 can contribute a catchup provision.

Those who don’t have a retirement plan at work can get a tax break by contributing to IRA’s Taxpayers who do have workplace retirement plans (or whose spouses do) may be able to deduct some or all of their traditional IRA contribution from taxable income, depending on their income.10

The deduction for IRA contributions is phased out for adjusted gross incomes at different levels depending on whether they're claimed on a single taxpayer’s return, a joint return, or by a married individual filing separately. It takes into account any participation by a taxpayer in another plan. The IRS has detailed rules about whether and how much you can deduct.11