2024 401k Maximum Contribution Limits Irs

2024 401k Maximum Contribution Limits Irs. Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase. The irs has increased the 401(k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023.

For those with a 401(k), 403(b), or 457 plan through an employer, your new maximum contribution limit. The 401 (a) compensation limit (the amount of earned income that can be used to calculate retirement account contributions) will increase from $330,000 in 2023.