401k Limit 2024 Family Income Tax. If you’re at least 50 years old, the limit is $30,500 in 2024 and. The 2024 401(k) individual contribution limit is $23,000, up from $22,500 in 2023.

The annual limit on compensation that can be taken into account for contributions and deductions increased to $345,000 in 2024 (up from $330,000 in 2023). Older workers can defer paying income tax on as much as $30,500 in a 401(k) plan in 2023.