401k Contributions 2024 Maximum Limit. The 401(k) contribution limit for individuals has been increased to $23,000 for 2024. For 2024, the irs limits the amount of compensation eligible for 401 (k) contributions to $345,000.

The total maximum allowable contribution to a defined contribution plan (including both employee and employer contributions) is expected to rise by $2,000. For individual retirement accounts, or iras—both roth and traditional types —2024 contributions will max out at $7,000, up from $6,500 in 2023.