2024 Maximum Simple Ira Contribution. This amount has slightly increased from the 2023 simple ira contribution limit of $15,500. The annual contribution limit for a traditional ira in 2023 was $6,500 or your taxable income.

That’s up from the 2023 limit of $15,500. For employees, the elective deferral limit for a simple ira in 2024 is $16,000, which includes salary deferral contributions.