topic 401(k) regular contribution after 50 in Get your taxes done using TurboTax

401(k) regular contribution after 50

taxqn24 — Sat, 15 Mar 2025 00:44:13 GMT

Via regular payroll deductions my total 401(k) contribution is about 25K. As somebody that turned 50 this year, my understanding is that this amount is fine as it is below regular (23.5K) + catchup (7.5k) limit. Is this correct?

Re: 401(k) regular contribution after 50

MarilynG1 — Sat, 15 Mar 2025 00:56:47 GMT

Yes, If you're employed, you can make 401(k) contributions up to $23,000 in 2024, with an extra $7,500 in catch-up contributions if you're 50 years old or older. In addition, some employers offer matching contributions.

Here's more info Retirement Plans.

@taxqn24