Irs Limit On 401k Contributions For 2024

Irs Limit On 401k Contributions For 2024. The contribution limit for employees who participate in 401(k), 403(b), most 457 retirement plans, and the federal government's thrift savings plan is $22,500 for 2023. Recent legislation passed by congress includes several provisions that enhance the ability of workers to increase their retirement savings.

This amount is an increase of $500 from the 2023 401 (k). The irs announced the changes to the dollar limits on benefits and contributions under qualified retirement plans, as well as other items, for tax year 2024.