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The IRS announced that the contribution limit for 401 (k) plans is increased to $23,000 and the limit for IRAs is increased to $7,000 for 2024. See the income ranges, catch-up contributions, and other changes for retirement-related items in Notice 2023-75 PDF.

Employees could contribute up to $23,000 to their 401(k) retirement savings plans for tax year 2024. For tax year 2025, employees can contribute up to $23,500.

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. The dollar limitation for catch-up contributions for participants aged 50 or over remains at $7,500.

Section 415 Limit: A reference to the tax code section that sets the total annual addition limit for defined contribution plans. For 401 (k)s, this is the combined cap on all contributions (employee + employer + any after-tax) to your account in a year. For 2024 this is $69,000 (or $76,500 if you include catch-up contributions for age 50+).

IR-2024-285, Nov. 1, 2024 — The Internal Revenue Service announced today that the amount individuals can contribute to their 401 (k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.

Looking for the latest info on 401(k) contributions in 2024 & 2025? Here are the limits for 2024 and 2025, how you can benefit the most from the contributions, how regular deposits help set you up ...

The 401(k) contribution limit for 2024 is $23,000. You may also be eligible for employer matching and catch-up contributions. Learn more about 401(k) limits.

In addition to Roth and traditional pre-tax 401 (k) plans, some employers also offer an “after-tax” contribution option, allowing you to save up to the total annual limit of $69,000 in 2024 and $70,000 in 2025.

Maximum 401 (k) Contribution Limits for 2024 Total 401 (k) plan contributions by an employee and an employer cannot exceed $69,500 in 2025.

401 (k) contribution limits for 2024 and 2025 When most people think of 401 (k) contribution limits, they are thinking of the elective deferral limit, which is $23,000 for 2024 ($23,500 in 2025).

The IRS has released the 2024 contribution limits for retirement plans and other cost-of-living adjustments. Also, the 2024 income tax brackets and long-term capital gains tax rates.

The catch-up contribution limit for employees aged 50 and over who participate in 401 (k), 403 (b), most 457 plans, and the Thrift Savings Plan remains at $7,500 for 2024.

The contribution and income limits for workplace retirement plans, Traditional and Roth IRA, FSA, and HSA will go up in 2025 to adjust for inflation.

Looking for the latest on 401(k) contributions in 2024? Go no further. Read our write up on the current 401(k) contribution limits and what they mean for you.

401 (k) Plans: The annual contribution limit for 401 (k) plans will rise to $23,000 in 2024, up from the previous limit of $22,500. This means that you can contribute an extra $500 pre-tax dollars towards your retirement nest egg.

Employees can contribute more pre-tax dollars next year to their retirement savings accounts, including 401 (k) and 403 (b) accounts, according to an IRS announcement made on November 1. Employees can defer up to $23,000 in 2024 – which is $500 more than the current 2023 limit.

Under the new 2024 limits just announced by the IRS, individuals can put up to $23,000 in their employer-sponsored 401 (k)s. These accounts are popular retirement savings tools because contributions are made with pre-tax dollars, which can reduce your income for federal tax purposes.

A few notes here: As a reminder, this $23,000 applies to both Pre-Tax Contributions, Roth Contributions, or any combination of the two. (You can choose to put in $11,500 to your Pre Tax 401k and $11,500 to your Roth 401k aka 50/50% split, all of it to the Roth or all of it to the Pre-Tax).

For the 2024 tax year (returns you're likely filing now), the standard annual deferral limit was $23,000, and the catch-up contribution limit for those age 50 and older is $7,500.