401k Contributions 2024. The 401 (k) 2024 employee contribution limit is $23,000, which is an increase of $500 from the previous year. The irs has a specific tax status called “ highly compensated employee ,” or hce.

So, those aged 50 or over can contribute a total of $30,500 to their 401 (k) during 2024. The 401(k) contribution limit for 2023 is $22,500 for employee contributions and $66,000 for combined employee and employer contributions.