For 2024, the irs limits the amount of compensation eligible for 401(k) contributions to $345,000. The total contribution limit for 401(a) defined contribution plans under section 415(c)(1)(a) increased from $66,000 to $69,000 for 2024.
The 401(k) contribution limit is $23,000 in 2024. Mintlife blog, catch up 401k contribution limits 2024.
The Total Contribution Limit For 401(A) Defined Contribution Plans Under Section 415(C)(1)(A) Increased From $66,000 To $69,000 For 2024.
See the table below for a summary of 2024 contribution limits.
In 2024, The 401(K) Contribution Limits Have Two Components:
The 2024 combined limit for employee and employer contributions is $69,000 for those under 50 and $76,500 for those 50.
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Employer Matches Donโt Count Toward This Limit.
The 401(k) compensation limit is $345,000.
If You Have A 401(K) Match, The Combined Limit In 2023 Is $66,000, Or $73,500 If You're 50 Or Older, Or 100% Of Your Salary If It's Less Than The Dollar Limits.
2024 401(k) and 403(b) employee contribution limit.