Irs 2024 Max 401k Contribution Limits

Irs 2024 Max 401k Contribution Limits. For 2024, the 401 (k) contribution limit for employees is $23,000, or $30,500 if you are age 50 or older. Workers who contribute to a 401 (k), 403 (b), most 457 plans, and the federal.

The 2024 401(k) contribution limit is $500 higher than this year’s $22,500 max, which reflected a major increase from the 2022 limit of $20,500. If you exceed your 401(k) contribution in a calendar year, the irs may impose a 6% penalty for each year your overcontribution stays in your retirement account.