Irs Annual 401k Contribution Limit 2024

Irs Annual 401k Contribution Limit 2024. 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. The limit on total employer and employee contributions for 2024 was $69,000 or 100% of employee compensation, whichever was less.


Irs Annual 401k Contribution Limit 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. To maximize contributions to a 401(k) plan, employees should aim to contribute the maximum allowable amount, considering annual contribution limits set by the irs.

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