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.
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.