2024 Irs 401k Contribution Limits

2024 Irs 401k Contribution Limits. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you're 50 or older). The elective deferral limit for simple plans is 100% of compensation or $16,000 in 2024, $15,500 in 2023, $14,000 in 2022, and $13,500 in 2020 and 2021.

The irs released 401(k) and ira contribution limits for 2024. Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401(k), 403(b) and 457(b) plans increased from $22,500 to $23,000.