Irs Simple Ira 2024 Limits. The new rule allows an employer with 25 or fewer employees to make nonelective employer contributions over and above the required 2% amount, capped at the lesser of 10% of the employee’s compensation or $5,000 (2024, as. $7,000 ($8,000 if you're age 50 or older), or if less, your taxable compensation for the year

Yes, simple ira limits are lower than 401(k) limits. For 2023, contributions cannot exceed $15,500 for most people.