The maximum contribution to a 401(k) plan for tax year 2023 is $22,500. There's a catch-up contribution of $7,500 for individuals aged 50 and over, making a total of $30,000.
For 2024, the maximum contribution is increased to $23,000 and the catch-up amount to $7,500, making a total of $30,500 for individuals aged 50 and over.
See this IRS document.
@davinci68
[Edited 3/20/24 | 5:33 AM PST]
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
