401k Maximum Contribution 2024 Plus Catch Up. A maximum of 10% of salary is allowed as deduction from the gross taxable income under this section. This means that your total 401(k) contribution limit for 2024 is.
For 2023, the contribution limit for a sep ira is the lesser of 25% of the employee’s compensation, or $66,000. Total 401(k) plan contributions by an employee and an employer cannot exceed $69,000 in 2024.