401k 2024 Tax Year Limitations. Workers who contribute to a 401 (k), 403 (b), most 457 plans and the federal government’s thrift savings plan can contribute up. For 2024, the solo 401(k) maximum contribution limit for the elective deferral is $23,000 if you’re age 50 and under.

The irs imposes maximum contribution limits to help ensure all employees’ fair participation in 401 (k) plans. Contributing to a 401 (k) can be a smart way to start preparing for retirement — but there are a few rules to keep in mind.