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What is the 401(k) contribution limit in 2024?

Knowing these rules can save you a lot of trouble with the IRS. The 401 (k) contribution limit is $23,000 in 2024. Workers 50 and older are allowed an additional $7,500 catch-up contributions. The overall 401 (k) limits for employee and employer contributions is $69,000, or $76,500 for workers 50 and up.

What are the 401(k) limits?

These individual employee limits are cumulative across multiple 401 (k) plans. If you leave one job in order to start a new position in calendar year 2024, your total combined contributions to plans at both employers are limited to $23,000, or $30,500 if you’re 50 or older.

What is the 401(k) catch-up contribution limit for 2024?

The catch-up contribution limit for employees aged 50 and over who participate in 401 (k), 403 (b), and most 457 plans, as well as the federal government's Thrift Savings Plan remains $7,500 for 2024.

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