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WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401 (k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.
The 401(k) contribution limit for 2024 is $23,000 for employee contributions, and $69,000 for the combined employee and employer contributions. If you're age 50 or older, you're eligible for an additional $7,500 in catch-up contributions, raising your employee contribution limit to $30,500.
Here's how the 401(k) plan limits will change in 2024: The 401(k) contribution limit is $23,000. The 401(k) catch-up contribution limit is $7,500 for those 50 and older.
The limit on employee elective deferrals to a SIMPLE 401 (k) plan is: $16,000 ($15,500 in 2023, $14,000 in 2022, $13,500 in 2021 and 2020; and $13,000 in 2019) This amount may be increased in future years for cost-of-living PDF adjustments.
For 2024, the maximum 401 (k) contribution limit is $23,000 for individuals under the age of 50. The combined limit for employee and employer contributions is $69,000. For 2025, that limit...
This handy chart shows the 2024 benefits plan limits and thresholds for 401 (k) plans, adoption assistance, health savings accounts, flexible spending accounts and more.
The limit on total employer-plus-employee contributions to defined contribution plans will increase to $69,000 in 2024, up from $66,000 in 2023. The 401 (k) contribution boost for 2024 is lower...
For the tax year 2025, the maximum amount that an employee under 50 can contribute to their 401(k) retirement plan is $23,500. That is $500 more than you were allowed to contribute in 2024.
For those with a 401(k), 403(b), or 457 plan through an employer, your new maximum contribution limit will go up to $23,000 in 2024. This amount is an increase of $500 from the 2023 401(k ...
Key Points. The 401 (k) contribution limit is $23,000 in 2024. Workers 50 and older are allowed an additional $7,500 catch-up contributions. The overall 401 (k) limits for employee and employer...