401k 2024 Maximum Contribution Limit. The irs has announced the 2024 contribution limits for retirement savings accounts, including contribution limits for 401(k), 403(b), and 457(b) plans, as well as income limits for ira. The elective deferral (contribution) limit for employees under 50 who participate in a 401 (k) plan is $23,000 in 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. This amount is up modestly from 2023, when the individual 401 (k).
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