401k 2024 Catch Up Contribution Limit Irs. This ensures that the limits remain meaningful as the cost of living. Some employees’ compensation will exceed the annual compensation limit this year.

The 401k contribution limits for the year 2025 are expected to see many increases in different plans including elective deferral limit to $24,000, defined contribution plan to $71,000,. The irs has increased the 401(k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023.