401k 2024 Contribution Limit Irs Catch-Up. The 401 (k) compensation limit is $345,000. The contribution limit for simple 401 (k)s is $16,000 (up to $19,500 if you're 50 or older).
The basic limit on elective deferrals is $23,000 in 2024, $22,500 in 2023, $20,500 in 2022, $19,500 in 2020 and 2021, and $19,000 in 2019, or 100% of the employee’s compensation, whichever is less. The 401 (k) compensation limit is $345,000.