2024 401k Annual Compensation Limit 2024. Unless your plan terms provide otherwise, the salary (elective) deferral limit. For employer sponsored plans, including 401(k)s the 2024 contribution limits will jump to $23,000.

For 2024, the irs limits the amount of compensation eligible for 401(k) contributions to $345,000. Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up to $23,000 in 2024, a $500 increase.