2024 401 K Contributions Limits. The 2024 401 (k) contribution limit is $23,000, a $500 increase from 2023โs limit. The 401 (k) contribution limits for 2024 are $23,000 for individuals under 50, and $30,500 for those 50 and older.
In 2024, it means setting aside $23,000 in savings, or $30,500 if you’re 50 or older. The basic employee contribution limit for 2024 is $23,000 ($22,500 for 2023).
What Is The 401 (K) Contribution Limit For 2024?
For 2024, the 401 (k) limit for employee salary deferrals is $23,000, which is above the 2023 401 (k) limit of $22,500.
For Those With A 401 (K), 403 (B), Or 457 Plan Through An Employer, Your New Maximum Contribution Limit Will Go Up To $23,000 In 2024.
Here’s a look at the 401(k) contribution limits for the tax year 2023 and 2024.
2024 401 K Contributions Limits Images References :
The 2024 401 (K) Contribution Limit Is $23,000, A $500 Increase From 2023โS Limit.
Specifically, if you switch from traditional 401(k) contributions to a roth 401(k) or roth ira, your taxes will increase.
Employees Can Invest More Money Into 401 (K) Plans In 2024, With Contribution Limits Increasing From 2023โS $22,500 To $23,000 For 2024.