2024 401k Contribution Limits Irs. There are limits to how much employers and employees can contribute to a plan (or ira) each year. 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.

In 2024, the 401 (k) contribution limit for participants is increasing to $23,000, up from $22,500 in 2023. The irs sets 401(k) contribution limits and typically increases them by $500 each year.