401 K Contribution Limit For 2024

401 K Contribution Limit For 2024. This year the irs announced there will be an increase to the maximum employee 401(k) contribution limit for 2024, increasing it to $23,000, a $500 increase. In 2024, both the traditional 401(k) and roth 401(k) have a contribution limit of $23,000, while simple 401(k) has a limit of $16,000.

For 2024, the compensation limit (which is the amount of your income that’s used to figure out 401(k) contributions and matches) is limited to $345,000. This amount is up modestly from 2023, when the individual.