2024 Max 401k Deduction. For 2024, the limit for 401 (k) plan contributions is $23,000, up from $22,500 last year, according to the irs. The 401 (k) contribution limit is the maximum amount an individual can contribute to their 401 (k) retirement account in a calendar year without facing tax.

Employees can invest more money into 401(k) plans in 2024, with contribution limits increasing from 2023’s $22,500 to $23,000 for 2024. This year the irs announced there will be an increase to the maximum employee 401 (k) contribution limit for 2024, increasing it to $23,000, a $500 increase.