Highlights of changes for 2024. The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan is increased to $23,000, up from $22,500. The limit on annual contributions to an IRA increased to $7,000, up from $6,500.You also can do traditional IRA's for the both of you. I always did one on each of us for about $6500.00 each, in return my refund always paid for 1 of them nearly.