401k 2024 Tax Year Limit Increase. Of note, the 2024 pretax limit that applies to elective deferrals to irc section 401(k), 403(b) and 457(b) plans increased from $22,500 to $23,000. The 2024 401(k) contribution limit is $500 higher than this year’s $22,500 max, which reflected a major increase from the 2022 limit of $20,500.

The new $23,000 limit will also. That means employees can set aside an additional $500 into their retirement accounts.