Irs 401k Limits 2024. The 401 (a) compensation limit (the amount of earned income that can be used to calculate retirement account contributions) will increase from $330,000 in 2023. For 2024, the 401 (k) contribution limit for employees is $23,000, or $30,500 if you are age 50 or older.

Contribution limits for 401 (k)s, 403 (b)s, most 457 plans, thrift savings plans (tsps), and other qualified retirement plans rise were $23,000 for 2024, rising from. The irs sets limits for how much you can contribute to an ira each year, which as we’ll discuss below were increased for the 2024 tax year.