401k Limit For 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 to $345,000 in. Starting in 2024, employees can contribute up to $23,000 into their 401(k), 403(b), most 457 plans or the thrift savings plan for federal employees, the irs announced nov.

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. For employer sponsored plans, including 401(k)s the 2024 contribution limits will jump to $23,000.