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The tax laws establish limits on the amount of contributions that participants in 401(k) plans can make each year. (Please note that your employer's 401(k) plan may impose limits below those imposed by the tax laws.)
Here are the tax law limits for 2024 for the different types of contributions your employer's 401(k) plan may allow. Your employer's 401(k) plan document specifies the types of contributions you are allowed to make. (2023 tax law limits are shown in parentheses.)
Contribution type |
Tax law limit for 2024 (2023) |
Pre-tax or Roth 401(k) contributions |
$23,0001 ($22,500) |
Combination of pre-tax and Roth 401(k) contributions |
$23,0001 ($22,500) |
Catch-up contributions (if eligible) |
$7,5002 ($7,500) |
Total annual contributions (pre-tax, Roth 401(k), after-tax3 and company contributions)4 |
The lesser of 100% of your compensation, or $69,000 ($66,000) |
Additional limits
In addition to the limits on different contribution types, the tax laws establish additional limits related to retirement benefits.
Annual compensation limit |
$345,000 ($330,000) |
Adjusted gross income limit for Retirement Savings Contributions Credit (Saver’s Tax Credit) eligibility |
Married filing jointly: $76,500 ($73,000)
Head of household: $57,375 ($54,750)
Other:* $38,250 ($36,500)
* Single, married filing separately, qualifying widow |
1 Does not include catch-up or after-tax contributions, if permitted by your employer's 401(k) plan.
2 If your employer’s 401(k) plan allows catch-up contributions, you may be eligible to make catch-up contributions if you are age 50 or older during the current calendar year and you contribute the maximum permitted for regular pre-tax 401(k) and/or Roth 401(k) (if allowed) contributions.
3 After-tax contributions, if available in your plan, are not subject to a specific limit. However, the total of all contributions, including after-tax, cannot exceed the $69,000 limit.
4 Catch-up contributions are not included in the total.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. |