2024 Irs 401k Limits On Contributions

2024 Irs 401k Limits On Contributions. The 401 (a) compensation limit (the amount of earned income that can be used to calculate retirement account contributions) will increase from $330,000 in 2023 to $345,000 in 2024. The irs this week announced it was raising the 401(k) contribution limit to $23,000, up from $22,500 currently.

Those 50 and older can contribute an. For 2024, the employee contribution limit for 401(k) plans is $23,000, up from $22,500 in 2023.