What is the 2024 401k employee contribution limit?

$23,000 for employees under 50. Those 50+ can contribute an additional $7,500 catch-up, for a total of $30,500. SECURE 2.0 introduces a $11,250 super catch-up for ages 60-63 starting 2025.

What is the 2024 total 401k limit including employer contributions?

$69,000 (or $76,500 with catch-up for ages 50+). This includes employee contributions, employer match, profit-sharing, and any other employer contributions.

Should I choose traditional or Roth 401k?

Traditional 401k: pre-tax contributions reduce current taxable income. Roth 401k: after-tax contributions, but growth and withdrawals are tax-free. Choose based on current vs expected future tax rates.

What happens if I over-contribute to a 401k?

Excess contributions must be withdrawn by April 15 of the following year to avoid double taxation. The excess is included in current year income, and earnings on excess are included in the year withdrawn.

How does the employer match work?

Common matches: 50-100% of employee contributions up to 3-6% of salary. Always contribute enough to capture the full match as it is essentially free money with an immediate return.

US 401k Contribution Limits and Tax Savings Calculator 2024

Calculate 401(k) contribution limits for 2024. Employee limit: $23,000 (plus $7,500 catch-up age 50+). Total limit with employer: $69,000. SECURE 2.0 super catch-up ages 60-63: $11,250.

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Frequently Asked Questions

What is the 2024 401k employee contribution limit?

What is the 2024 total 401k limit including employer contributions?

Should I choose traditional or Roth 401k?

What happens if I over-contribute to a 401k?

How does the employer match work?