How much can I contribute to a 401(k) in 2024?

Employee elective deferrals to a 401(k) are capped at $23,000 in 2024, plus a $7,500 catch-up contribution if you are age 50 or older (total $30,500). These limits apply across all 401(k) accounts you hold. Total contributions including employer match cannot exceed $69,000 (or $76,500 with catch-up). Traditional 401(k) contributions reduce your current taxable income; Roth 401(k) contributions do not.