It depends, your question combines information from different contribution limits. See the information below for the maximums of each type of contributions:
Traditional and Roth IRA Contribution Limits for 2024:
- The combined contribution limit for traditional and Roth IRAs is $7,000 if you are under age 50.
- If you are age 50 or older, the limit is $8,000
401(k) and 403(b) Contribution Limits for 2024:
- The employee contribution limit for 401(k) and 403(b) plans is $23,000.
- If you are age 50 or older, you can make an additional catch-up contribution of $7,500, bringing the total to $30,500
Here are some IRS resources for more details:
