401k 2024 Compensation Limits Over 55. On november 1, 2023, the internal revenue service announced that the amount individuals can contribute to their 401 (k). The 401 (k) contribution limits for 2024 are $23,000 for individuals under 50, and $30,500 for those 50 and older.
For 2024, the irs limits the amount of compensation eligible for 401(k) contributions to $345,000. Here’s how the 401(k) plan limits will change in 2024:
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