What Is The 401k Limit For 2024 Irs. Workers can contribute up to $23,000 annually to their $401(k) plans in 2024, the irs announced at the top of the month, a $500 increase from the previous limit of. 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.
Contributions to 401 (k)s can be automatically deducted from your paycheck. 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.
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