2024 401k Limits Irs

2024 401k Limits Irs. There are limits to how much employers and employees can contribute to a plan (or ira) each year. Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase.

$19,500 in 2020 and 2021 and $19,000 in 2019), plus $7,500 in 2023;. The irs sets 401(k) contribution limits and typically increases them by $500 each year.