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2024 401k Limits Contribution Amount. You can contribute a maximum of $7,000 (up from $6,500 for 2023). In 2024, the irs limits total 401 (k) contributions to $69,000 or 100% of the employee’s compensation, whichever is less.

However, for 2024, this limit has increased to $20,500, allowing individuals to contribute an additional $1,000 toward their retirement savings. Starting in 2024, there will be an increase in the contribution limits for 401(k) plans.