Annual Compensation Limit 401k 2024

Annual Compensation Limit 401k 2024. Participants in simple 401 (k) and simple ira plans can take advantage of an increased deferral limit of $17,600 (i.e., 110% of the $16,000 annual limit) if their employer meets one of. The limit on annual contributions to an ira increased to $7,000, up from $6,500.

The 401(k) contribution limit for 2024 is $23,000 for employee contributions, and $69,000 for the combined employee and employer contributions. The limit on annual contributions to an ira increased to $7,000, up from $6,500.