401k Contributions 2024 Maximum

401k Contributions 2024 Maximum. 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. The 401 (k) contribution limit is the maximum amount an individual can contribute to their 401 (k) retirement account in a calendar year without facing tax.

On nov., 1, 2023, the irs boosted annual contribution limits for 2024 for 401 (k), 403 (b), and most 457 plans. For 2024, the 401 (k) limit for employee salary deferrals is $23,000, which is above the 2023 401 (k) limit of $22,500.