Irs 401k 2024 Maximum Limit. Find out the irs limit on how much you and your employer can contribute to your 401 (k) retirement savings account in 2023 and 2024. Employers can only use the first $345,000 of compensation to determine your 401 (k).

Employers can only use the first $345,000 of compensation to determine your 401 (k). 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.