401k Contribution Limits 2024 Catch Up Total Cost. The 401 (k) contribution limit is $23,000. Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401(k), 403(b) and 457(b) plans increased from $22,500 to $23,000.

Total contributions cannot exceed 100% of an employee’s annual compensation. The irs changed the yearly 401(k) contribution limits (also known as elective deferral limits) for 2023 and 2024.