401 K Limits 2024 Irs

401 K Limits 2024 Irs. The 2024 401(k) contribution limit is $500 higher than this year’s $22,500 max, which reflected a major increase from the 2022 limit of $20,500. For 2024, the 401 (k) contribution limit for employees is $23,000, or $30,500 if you are age 50 or older.

For employer sponsored plans, including 401(k)s the 2024 contribution limits will jump to $23,000. Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401 (k), 403 (b) and 457 (b) plans increased from $22,500 to $23,000.