Kelli Melissa

2024 Irs 401 K Contribution Limits. The plan must specifically state that contributions or benefits. The irs sets 401(k) contribution limits and typically increases them by $500 each year.

For the year 2024, the irs has set the deferral limit for employees participating in a simple 401(k) plan at $16,000. For those who are able or wish to, you will be allowed to sock away even more money into a 401(k) or ira next year.