401(k) deferral
$23,000
Tax year 2024
2024 401(k) & IRA Contribution Limits
$23,000 401(k) · $7,000 IRA · $7,500 age-50+ catch-up.
By Sammy S. · Founder · AuthorUpdated for 2024
50+ catch-up
$7,500
IRA limit
$7,000
§415(c) combined
$69,000
What stood out in 2024
IRA limit rose to $7,000; SECURE 2.0 begins indexing IRA catch-up (still $1,000).
Versus 2023: 401(k) deferral $22,500 → $23,000; IRA $6,500 → $7,000. Compare 2023 vs 2024
2024 contribution limits in detail
401(k) / 403(b) / 457(b)
- Elective deferral (§402(g))
- $23,000
- Age 50+ catch-up
- $7,500
- Total under 60 / 64+
- $30,500
- Ages 60–63 catch-up
- N/A
- §415(c) annual additions
- $69,000
- Compensation cap
- $345,000
IRA & SIMPLE
- IRA limit (Trad + Roth)
- $7,000
- IRA age-50+ catch-up
- $1,000
- IRA total at 50+
- $8,000
- SIMPLE elective
- $16,000
- SIMPLE age-50+ catch-up
- $3,500
Education
Putting 2024 limits to work
If you had a workplace plan
Elective deferrals could total up to $23,000 ($30,500 at age 50+). Employer match sat on top of that until the combined §415(c) cap of $69,000.
If you also funded an IRA
You could still contribute up to $7,000 ($8,000 at 50+) across Traditional and Roth IRAs combined—separate from the 401(k) deferral limit—subject to earned income and phaseout rules for that year.
Compensation cap reminder
Plans generally could not count compensation above $345,000 when computing contributions under §401(a)(17). That matters for highly paid employees and owner plans even when the elective-deferral limit is the headline number.
SIMPLE vs regular 401(k)
SIMPLE elective room was $16,000 (+$3,500 at 50+). If your employer offered a SIMPLE instead of a regular 401(k), use those lower caps—not the §402(g) figure above.
Plan with current-year tools
These 2024 figures are historical IRS reference amounts. Live calculators use current limits.
Related years
FAQs for 2024
$23,000 elective deferral, plus $7,500 age-50+ catch-up (total $30,500).
$7,000 under 50; $8,000 at age 50+ (includes $1,000 catch-up). Traditional and Roth share this cap.
$69,000 for total annual additions (employee + employer) to defined-contribution plans. The compensation cap was $345,000.
$16,000 elective contribution, plus $3,500 age-50+ catch-up for SIMPLE IRA / SIMPLE 401(k) plans.
No. The SECURE 2.0 higher catch-up for ages 60–63 begins in 2025. In 2024, age-50+ participants used the regular $7,500 catch-up.
Yes. Workplace elective deferrals up to $23,000 (plus catch-up if eligible) did not reduce the separate IRA limit of $7,000. Roth IRA contributions still faced AGI phaseouts; Traditional IRA deductions could phase out if you had a workplace plan.
No. Match did not count against the $23,000 §402(g) limit, but employee + employer amounts together could not exceed the $69,000 §415(c) cap.
IRA limit rose to $7,000; SECURE 2.0 begins indexing IRA catch-up (still $1,000). 401(k) deferral: $22,500 → $23,000. IRA: $6,500 → $7,000. Catch-up: $7,500 → $7,500.
Open the 2023 vs 2024 compare page for deferral, IRA, catch-up, SIMPLE, and §415(c) deltas in one table.
2025 401(k) deferral $23,500; IRA $7,000. See the 2025 profile or compare 2024 vs 2025.
These 2024 amounts are historical IRS reference data. The 401(k) match and Roth IRA calculators use current-year limits for estimates.
IRS Notice 2023-75. See also the IRS COLA page for plan-type limits.