401k Max 2024 Limit. — for 2024, the compensation limit (which is the amount of your income that’s used to figure out 401(k) contributions and matches) is limited to $345,000. For 2024, the irs limits the amount of compensation eligible for 401 (k) contributions to $345,000.
Let’s say you make $500,000 in 2024 and your company offers a 4% match on your 401(k) contributions. In 2023, total 401 (k) contributions are capped at $66,000 or 100% of the employee’s compensation, whichever is less.
