Irs Contribution Limits 401k 2024. The 2024 contribution limits for 401(k), 403(b), and most 457 plans have been raised, increasing by $500 the amount plan participants can contribute. Employees could contribute up to $22,500 to their 401(k) retirement savings plans for tax year 2023.
The 401 (k) contribution limit is $23,000. The elective deferral limit for simple plans is 100% of compensation or $16,000 in 2024, $15,500 in 2023, $14,000 in 2022, and $13,500 in 2020 and 2021.