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What are the 401(k) contribution limits?

Here’s a look at the annual 401 (k) contribution limits: 2024: For tax year 2024 (filed by April 2025), the limit is $23,000. Savers who are age 50 or older can make up to $7,500 in catch-up contributions for a total contribution of $30,500. 2023: For tax year 2023 (filed by April 2024), the contribution limit is $22,500.

How much money can employees contribute to a 401(k)?

Every year, the IRS issues updates for the maximum amount of money employees may contribute to their 401 (k) plans. For 2024, that amount is $23,000, with a catch-up contribution of $7,500 for those age 50 and older. For 2023, the maximum contribution amounts were $22,500 and $7,500 for catch-up contributions.

How much 401(k) can an employee contribute in 2024?

However, there is a limit that applies to total contributions, meaning the sum of the employee portion and employer match. In 2024, the IRS limits total 401 (k) contributions to $69,000 or 100% of the employee’s compensation, whichever is less. That amount rises to $76,500 with catch-up contributions.

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