Maximum Compensation For 401k 2024. 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. The 401 (k) compensation limit is $345,000.

For 2024, the 401 (k) contribution limit for employees is $23,000, or $30,500 if you are age 50 or older. The contribution limit on individual retirement accounts will increase by $500 in 2024, from $6,500 to $7,000.