Limits For 401k 2024. For those with a 401 (k), 403 (b), or 457 plan through an employer, your new maximum contribution limit will go up to $23,000 in 2024. 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.
A revision in tax exemption limits of the income tax act’s section 80c would benefit elss mutual fund investors. In 2024, the contribution limit for a roth 401(k) is $23,000, plus an additional contribution of $7,500 if you are age 50 or older.
