401k 2024 Compensation Limit Irs. For employer sponsored plans, including 401(k)s the 2024 contribution limits will jump to $23,000. Section 415 of the internal revenue code (code) provides for dollar limitations on benefits and contributions under qualified retirement plans.

The new $23,000 limit will also apply to several other retirement plans, including 403(b)s, most 457 plans and the federal government’s thrift savings plan. This limit includes all elective employee salary deferrals and any contributions made to a designated roth.