401k 2024 Contribution Limit Irs. For 2024, the 401 (k) contribution limit for employees is $23,000, or $30,500 if you are age 50 or older. The total maximum allowable contribution to a defined contribution plan (including both employee and employer contributions) is expected to rise by $2,000.
According to the report, mercer envisions the irs increasing contribution limits by $500 in 2024 for not only 401 (k)s, but also 403 (b) and eligible 457 plans. The irs has announced the 2024 contribution limits for retirement savings accounts, including contribution limits for 401(k), 403(b), and 457(b) plans, as well as income limits.