2024 401k Contribution Limits For Simple 401k Plans

2024 401k Contribution Limits For Simple 401k Plans. Both 401 (k)s and iras come in two primary forms, each offering advantages depending on your tax situation and retirement strategy: 401 (k) contribution limits in 2023 and 2024.

For 2024, the 401 (k) limit for employee salary deferrals is $23,000, which is above the 2023 401 (k) limit of $22,500. The limit for employee contributions to a 401 (k) in 2024 is $23,000 for those under 50.