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Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 126 (from laksa031)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa126.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/\')), getAhrefsUnparsedNoserviceFromURL(\'https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/","crawl_time":1775081187,"first_indexed_time":1717718334,"http_code":200,"src_unparsed":"com,intuit!turbotax,blog,\/income-and-investments\/401k-contribution-limits-81714\/ s443","src_root_hash":"7048075208169300526","history_drop_reason":null,"meta_title":"401k Contribution Limits for 2024: Everything You Need to Know - Intuit TurboTax Blog","meta_descriptions":["The 401(k) contribution limit for 2024 is $23,000. You may also be eligible for employer matching and catch-up contributions. Learn more about 401(k) limits."],"attrs_boilerpipe_text":"Contributing to a 401(k) can be a smart way to start\npreparing for retirement\n— but there are a few rules to keep in mind.\n401(k) contribution limits tell you how much you can contribute in a calendar year. There’s also a combined contribution limit for you and your employer, plus catch-up contribution limits.\nIf you’re just getting started with your 401(k), understanding 401(k) contribution limits for 2024 is important. Let’s take a closer look at the 2024 401(k) contribution limits so you can maximize your retirement savings.\nYour refund is waiting\nEach year, the 401(k) contribution limits increase by a small amount. If you recently\nstarted a 401(k)\n, the 2024 contribution limits are particularly important.\nThe 401(k) 2024 employee contribution limit is $23,000, which is an increase of $500 from the previous year. This contribution limit doesn’t include catch-up contributions or contributions your employer makes to your 401(k).\nThe total overall 401(k) contribution limit for 2024, which includes employer matching contributions and nonelective contributions, is $69,000. This limit doesn’t include catch-up contributions for employees who are 50 years or older.\nYou can talk to your plan administrator to figure out how much you need to contribute to maximize your 401(k) contributions for 2024.\n401(k) contribution limits for 2023\nSince 401(k) contribution limits typically increase each year, the contribution limits for 2023 are slightly lower.\nThe 2023 401(k) contribution limit was $22,500, or $500 less than the 2024 limit. This is the personal contribution limit, which means it doesn’t include catch-up contributions or any contributions made by your employer.\nIn total, the overall 401(k) contribution limit for 2023 is $66,000. This includes your personal contributions as well as any contributions your employer makes, but catch-up contributions aren’t included.\nThe catch-up contribution limit for 2023 is $7,500. If you’re eligible to make catch-up contributions, your total combined 401k 2023 contribution limit is $73,500.\nCatch-up contribution limits for 2024\nIf you’re 50 or older at the end of the calendar year, you can make catch-up contributions. \nThe 401(k) contribution limit for those over 50, or the catch-up contribution limit, is $7,500 in 2024. This means that your total 401(k) contribution limit for 2024 is $30,500. This number only includes personal contributions — employer matches. Nonelective contributions aren’t included.\nCatch-up contributions aren’t exclusive to 401(k) plans. You can also make catch-up contributions if you have a 403(b), SARSEP, or governmental 457(b).\nAll catch-up contributions must be made via elective deferrals, and you have until the end of the calendar year to make your annual catch-up contributions.\nIf you weren’t able to build a\n401(k) savings\nwhen you were younger, catch-up contributions can help you make up for lost time.\nAfter-tax 401(k) contribution limits for 2024\nThe 401(k) contribution limits set by the IRS apply to pre-tax contributions. If you max out your pre-tax contribution limit, you may still be able to make after-tax contributions to your 401(k) account.\nKeep in mind that after-tax contributions aren’t always allowed. According to\nCNBC\n, about 21% of company plans offered after-tax 401(k) contributions — a slight increase from 19% in 2020. Check with your plan advisor to see if after-tax contributions are permitted.\nIf you didn’t max out your total contribution limit — including employer matches and nonelective contributions — you can make additional after-tax contributions if your 401(k) allows for them.\nIf your 401(k) allows you to make after-tax contributions, you have to include those contributions on your tax return. However, you can’t deduct after-tax contributions on your tax return like you can with pre-tax contributions.\nAfter-tax contributions offer several benefits. These contributions grow tax-free like Roth IRA or Roth 401(k) contributions, and you can make qualified withdrawals without paying taxes or penalties.\nThe only real downside to making after-tax contributions is that many 401(k) plans don’t allow them. You can talk to your plan administrator to learn more about after-tax contributions and how you can use them to supplement your pre-tax contributions.\nAre the contribution limits different for a Roth 401(k)?\nWhether you’re contributing to a Roth 401(k) or a traditional 401(k), the same contribution limits apply. This includes your personal contribution limit as well as the total contribution limit, including employer matches and nonelective contributions.\nThe difference between a traditional 401(k) and a Roth 401(k) is the type of contributions you make:\nTraditional 401(k):\nContributions to your traditional 401(k) are made with pre-tax dollars, which means you can deduct contributions on your taxes. When you withdraw money from a traditional 401(k), it’s taxed as regular income.\nRoth 401(k):\nRoth 401(k) contributions are made with after-tax dollars, so your money grows tax-free, and you don’t pay taxes on withdrawals. Roth 401(k) contributions aren’t tax-deductible.\nYou may be able to make after-tax contributions to a traditional 401(k), and those contributions will grow tax-free. Check with your plan administrator to find out if you can make after-tax contributions.\nIRAs give you the freedom to choose how you invest your money. You can also have a financial advisor manage your Roth IRA for you.\nAre contribution limits different for 403(b) and 457(b) plans?\n403(b) plans,or tax-sheltered annuity (TSA) plans, are a type of retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations. 457(b) plans are typically for governmental employees, although there are also nongovernmental 457(b) plans.\nThe contribution limits for 403(b) and 457(b) plans are the same as the 401(k) contribution limits for any given calendar year. In 2024, the 403(b) and 457(b) contribution limit is $23,000 for personal contributions.\nIf you’re turning 50 or over the age of 50 at the end of the 2024 calendar year, you’re also eligible to make up to $7,500 in catch-up contributions to your 403(b) or 457(b). This increases your total contribution limit to $30,500.\nYour employer can also contribute to your 403(b) plan, and employers may contribute to some 457(b) plans. Employer contribution limits are separate from your personal contribution limit, so you can still personally contribute up to $23,000.\nKeep in mind that there are a few key differences between 401(k) plans and your 403(b) or 457(b) plan. Some parts of this guide — including details about how 401(k) plans are taxed — may not apply to other types of retirement accounts.\nIs there a penalty for exceeding the 401(k) contribution limit?\nIt might sound strange, but there can be penalties for exceeding the 401(k) contribution limit for a calendar year.\nBecause 401(k) contributions are made with pre-tax dollars, they’re not included in your income. By exceeding your 401(k) contribution limits for 2024, you’re essentially underpaying your income taxes.\nIf you exceed your 401(k) contribution in a calendar year, the IRS may impose a 6% penalty for each year your overcontribution stays in your retirement account. Withdrawing overcontributions — and related earnings — can help you avoid this penalty.\nYou can also choose to apply overcontributions to the next year, but those excess contributions will still be subject to a 6% penalty.\nIf you overcontribute to your 401(k), the best thing you can do is notify your plan administrator. If you notify your plan administrator before the tax filing deadline, you can have excess contributions returned and avoid penalties.\nHow much should you contribute to a 401(k)?\nIt’s up to you to decide how much you can afford to contribute to your 401(k). The more you can contribute, the better prepared you’ll be for your golden years.\nBefore you decide how much you want to contribute to your 401(k), here are a few things to consider:\nYour monthly income\nYour expenses\nYour employer match\nYour retirement savings goals\nWhile saving more can help you out in the long run, you still need enough money for your monthly bills and entertainment expenses. Your monthly income is a big factor in how much you can contribute.\nYou may want to consider maximizing your employer match. If your employer matches up to 5% of your salary, you’ll contribute that amount to maximize your match.\nIf you have a 401(k) plan from a previous employer, you may be able to roll it over to your new 401(k) or retirement plan. A\n401(k) rollover\nmakes it easier to manage and monitor your retirement savings since they’re all in one place.\nIf you have questions about your 401(k) plan details or how much you should contribute, talk to your plan administrator or financial advisor.\nNo matter what moves you made last year,\nTurboTax\nwill make them count on your taxes. Whether you want to do your taxes yourself or have a\nTurboTax expert\nfile for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed.","attrs_markdown":"[Skip to main content](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#content)\n\nToggle Navigation\n\nClose navigation\n\n[Blog](https:\/\/blog.turbotax.intuit.com\/)\n\n- [Life](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/ \"Life\")\n  \n  - Life\n  - [Family](https:\/\/blog.turbotax.intuit.com\/category\/tax-deductions-and-credits-2\/family\/ \"Family\")\n  - [Education](https:\/\/blog.turbotax.intuit.com\/category\/tax-deductions-and-credits-2\/education\/ \"Education\")\n  - [Home](https:\/\/blog.turbotax.intuit.com\/category\/tax-deductions-and-credits-2\/home\/ \"Home\")\n  - [Health Care](https:\/\/blog.turbotax.intuit.com\/category\/health-care\/ \"Health Care\")\n- [Work](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/ \"Work\")\n  \n  - 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[I Filed Taxes What’s Next](https:\/\/blog.turbotax.intuit.com\/i-filed-taxes-whats-next-old\/ \"I Filed Taxes What's Next\")\n\nsearch\n\n[Start for Free](https:\/\/myturbotax.intuit.com\/sign-up\/)  [Sign in](https:\/\/myturbotax.intuit.com\/)\n\n- [Blog](https:\/\/blog.turbotax.intuit.com\/ \"Go to Blog.\")\n- [Latest Posts](https:\/\/blog.turbotax.intuit.com\/latest-posts\/ \"Go to Latest Posts.\")\n- [Income and Investments](https:\/\/blog.turbotax.intuit.com\/category\/income-and-investments\/ \"Go to the Income and Investments Category archives.\")\n- [401K, IRA, Stocks](https:\/\/blog.turbotax.intuit.com\/category\/income-and-investments\/401k-ira-stocks\/ \"Go to the 401K, IRA, Stocks Category archives.\")\n- What Are the 401(k) Contribution Limits for 2024?\n\n![401k Contribution Limits for 2024: Everything You Need to Know (1440 x 600 px)](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2024\/06\/What-is-a-HSA-1440-x-600-px.png?w=1440&h=600&crop=1)\n\n![401k Contribution Limits for 2024: Everything You Need to Know (411 x 600 px)](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2024\/06\/What-is-a-HSA-411-x-600-px-1.png?w=411&h=600&crop=1)\n\n- [Income and Investments](https:\/\/blog.turbotax.intuit.com\/category\/income-and-investments\/)\n# What Are the 401(k) Contribution Limits for 2024?\n[Read the Article](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#entry-content)\n\nOpen Share Drawer\n\n### Share this:\n- [Share on Facebook (Opens in new window) Facebook](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/?share=facebook&nb=1)\n- [Share on X (Opens in new window) X](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/?share=twitter&nb=1)\n- [Share on LinkedIn (Opens in new window) LinkedIn](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/?share=linkedin&nb=1)\n- [Share on Pinterest (Opens in new window) Pinterest](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/?share=pinterest&nb=1)\n- [Print (Opens in new window) Print](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#print?share=print&nb=1)\n\n- Written by [TurboTaxBlogTeam](https:\/\/blog.turbotax.intuit.com\/author\/ttoutcast\/ \"Posts by TurboTaxBlogTeam\")\n- Published Jun 6, 2024\n- 7 min read\n- Reviewed by   [![](https:\/\/secure.gravatar.com\/avatar\/64030a872ffa8762d7664cdf0023cc38c781828847b05271c94454acd502e843?s=25&d=identicon&r=g) Jotika Teli, CPA](https:\/\/blog.turbotax.intuit.com\/author\/jteli\/ \"Posts by Jotika Teli, CPA.\")   [![](https:\/\/secure.gravatar.com\/avatar\/af10c20ba6bbb30216f13c2b7228e1517707499cf63fd02f5dbe91081ffe3da3?s=25&d=identicon&r=g) Lena Hanna, CPA](https:\/\/blog.turbotax.intuit.com\/author\/lhanna\/ \"Posts by Lena Hanna, CPA.\")\n\nContributing to a 401(k) can be a smart way to start [preparing for retirement](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-ira-stocks\/retirement-doesnt-have-to-be-scary-here-are-7-ways-you-can-prepare-20466\/) — but there are a few rules to keep in mind.\n\n401(k) contribution limits tell you how much you can contribute in a calendar year. There’s also a combined contribution limit for you and your employer, plus catch-up contribution limits.\n\nIf you’re just getting started with your 401(k), understanding 401(k) contribution limits for 2024 is important. Let’s take a closer look at the 2024 401(k) contribution limits so you can maximize your retirement savings.\n\n## Table of Contents\n[401(k) contribution limits for 2024](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#401k-contribution-limits-for-2024)[401(k) contribution limits for 2023](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#401k-contribution-limits-for-2023)[Catch-up contribution limits for 2024](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#catchup-contribution-limits-for-2024)[After-tax 401(k) contribution limits for 2024](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#aftertax-401k-contribution-limits-for-2024)[Are the contribution limits different for a Roth 401(k)?](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#are-the-contribution-limits-different-for-a-roth-401k)[Are contribution limits different for 403(b) and 457(b) plans?](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#are-contribution-limits-different-for-403b-and-457b-plans)[Is there a penalty for exceeding the 401(k) contribution limit?](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#is-there-a-penalty-for-exceeding-the-401k-contribution-limit)[How much should you contribute to a 401(k)?](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/#how-much-should-you-contribute-to-a-401k)\n\n## Your refund is waiting\n[Get started](https:\/\/myturbotax.intuit.com\/sign-up)\n\n[Intuit](https:\/\/blog.turbotax.intuit.com\/)\n\n- [Turbotax](https:\/\/turbotax.intuit.com\/)\n- [Credit Karma](https:\/\/www.creditkarma.com\/)\n- [Quickbooks](https:\/\/quickbooks.intuit.com\/)\n\nUse your Intuit Account to sign in to TurboTax.[Learn more](https:\/\/ttlc.intuit.com\/questions\/3614066-creating-an-account)\n\nBy selecting Sign in, you agree to our\n\nTerms\n\nand acknowledge our\n\nPrivacy Statement\n\n.\n\nNew to Intuit?[Create an account](https:\/\/myturbotax.intuit.com\/sign-up)\n## 401(k) contribution limits for 2024\nEach year, the 401(k) contribution limits increase by a small amount. If you recently [started a 401(k)](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-ira-stocks\/i-started-a-401k-this-year-what-do-i-need-to-know-when-i-file-33129\/), the 2024 contribution limits are particularly important.\n\nThe 401(k) 2024 employee contribution limit is \\$23,000, which is an increase of \\$500 from the previous year. This contribution limit doesn’t include catch-up contributions or contributions your employer makes to your 401(k).\n\nThe total overall 401(k) contribution limit for 2024, which includes employer matching contributions and nonelective contributions, is \\$69,000. This limit doesn’t include catch-up contributions for employees who are 50 years or older.\n\nYou can talk to your plan administrator to figure out how much you need to contribute to maximize your 401(k) contributions for 2024.\n\n## 401(k) contribution limits for 2023\nSince 401(k) contribution limits typically increase each year, the contribution limits for 2023 are slightly lower.\n\nThe 2023 401(k) contribution limit was \\$22,500, or \\$500 less than the 2024 limit. This is the personal contribution limit, which means it doesn’t include catch-up contributions or any contributions made by your employer.\n\nIn total, the overall 401(k) contribution limit for 2023 is \\$66,000. This includes your personal contributions as well as any contributions your employer makes, but catch-up contributions aren’t included.\n\nThe catch-up contribution limit for 2023 is \\$7,500. If you’re eligible to make catch-up contributions, your total combined 401k 2023 contribution limit is \\$73,500.\n\n## Catch-up contribution limits for 2024\nIf you’re 50 or older at the end of the calendar year, you can make catch-up contributions.\n\n![Senior woman using a calculator and reading a document.](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2024\/06\/shutterstock_1824965774.jpg?w=580)\n\nThe 401(k) contribution limit for those over 50, or the catch-up contribution limit, is \\$7,500 in 2024. This means that your total 401(k) contribution limit for 2024 is \\$30,500. This number only includes personal contributions — employer matches. Nonelective contributions aren’t included.\n\nCatch-up contributions aren’t exclusive to 401(k) plans. You can also make catch-up contributions if you have a 403(b), SARSEP, or governmental 457(b).\n\nAll catch-up contributions must be made via elective deferrals, and you have until the end of the calendar year to make your annual catch-up contributions.\n\nIf you weren’t able to build a [401(k) savings](https:\/\/blog.turbotax.intuit.com\/tax-deductions-and-credits-2\/can-you-deduct-401k-savings-from-your-taxes-7169\/) when you were younger, catch-up contributions can help you make up for lost time.\n\n## After-tax 401(k) contribution limits for 2024\nThe 401(k) contribution limits set by the IRS apply to pre-tax contributions. If you max out your pre-tax contribution limit, you may still be able to make after-tax contributions to your 401(k) account.\n\nKeep in mind that after-tax contributions aren’t always allowed. According to [CNBC](https:\/\/www.cnbc.com\/2022\/06\/10\/more-companies-are-offering-an-after-tax-401k-option-for-big-savers.html), about 21% of company plans offered after-tax 401(k) contributions — a slight increase from 19% in 2020. Check with your plan advisor to see if after-tax contributions are permitted.\n\nIf you didn’t max out your total contribution limit — including employer matches and nonelective contributions — you can make additional after-tax contributions if your 401(k) allows for them.\n\nIf your 401(k) allows you to make after-tax contributions, you have to include those contributions on your tax return. However, you can’t deduct after-tax contributions on your tax return like you can with pre-tax contributions.\n\nAfter-tax contributions offer several benefits. These contributions grow tax-free like Roth IRA or Roth 401(k) contributions, and you can make qualified withdrawals without paying taxes or penalties.\n\nThe only real downside to making after-tax contributions is that many 401(k) plans don’t allow them. You can talk to your plan administrator to learn more about after-tax contributions and how you can use them to supplement your pre-tax contributions.\n\n## Are the contribution limits different for a Roth 401(k)?\nWhether you’re contributing to a Roth 401(k) or a traditional 401(k), the same contribution limits apply. This includes your personal contribution limit as well as the total contribution limit, including employer matches and nonelective contributions.\n\nThe difference between a traditional 401(k) and a Roth 401(k) is the type of contributions you make:\n\n- **Traditional 401(k):** Contributions to your traditional 401(k) are made with pre-tax dollars, which means you can deduct contributions on your taxes. When you withdraw money from a traditional 401(k), it’s taxed as regular income.\n- **Roth 401(k):** Roth 401(k) contributions are made with after-tax dollars, so your money grows tax-free, and you don’t pay taxes on withdrawals. Roth 401(k) contributions aren’t tax-deductible.\n\nYou may be able to make after-tax contributions to a traditional 401(k), and those contributions will grow tax-free. Check with your plan administrator to find out if you can make after-tax contributions.\n\nIRAs give you the freedom to choose how you invest your money. You can also have a financial advisor manage your Roth IRA for you.\n\n## Are contribution limits different for 403(b) and 457(b) plans?\n403(b) plans,or tax-sheltered annuity (TSA) plans, are a type of retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations. 457(b) plans are typically for governmental employees, although there are also nongovernmental 457(b) plans.\n\nThe contribution limits for 403(b) and 457(b) plans are the same as the 401(k) contribution limits for any given calendar year. In 2024, the 403(b) and 457(b) contribution limit is \\$23,000 for personal contributions.\n\nIf you’re turning 50 or over the age of 50 at the end of the 2024 calendar year, you’re also eligible to make up to \\$7,500 in catch-up contributions to your 403(b) or 457(b). This increases your total contribution limit to \\$30,500.\n\nYour employer can also contribute to your 403(b) plan, and employers may contribute to some 457(b) plans. Employer contribution limits are separate from your personal contribution limit, so you can still personally contribute up to \\$23,000.\n\nKeep in mind that there are a few key differences between 401(k) plans and your 403(b) or 457(b) plan. Some parts of this guide — including details about how 401(k) plans are taxed — may not apply to other types of retirement accounts.\n\n![Couple discussing financial planning.](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2024\/06\/shutterstock_2229856785.jpg?w=580)\n\n## Is there a penalty for exceeding the 401(k) contribution limit?\nIt might sound strange, but there can be penalties for exceeding the 401(k) contribution limit for a calendar year.\n\nBecause 401(k) contributions are made with pre-tax dollars, they’re not included in your income. By exceeding your 401(k) contribution limits for 2024, you’re essentially underpaying your income taxes.\n\nIf you exceed your 401(k) contribution in a calendar year, the IRS may impose a 6% penalty for each year your overcontribution stays in your retirement account. Withdrawing overcontributions — and related earnings — can help you avoid this penalty.\n\nYou can also choose to apply overcontributions to the next year, but those excess contributions will still be subject to a 6% penalty.\n\nIf you overcontribute to your 401(k), the best thing you can do is notify your plan administrator. If you notify your plan administrator before the tax filing deadline, you can have excess contributions returned and avoid penalties.\n\n## How much should you contribute to a 401(k)?\nIt’s up to you to decide how much you can afford to contribute to your 401(k). The more you can contribute, the better prepared you’ll be for your golden years.\n\nBefore you decide how much you want to contribute to your 401(k), here are a few things to consider:\n\n- Your monthly income\n- Your expenses\n- Your employer match\n- Your retirement savings goals\n\nWhile saving more can help you out in the long run, you still need enough money for your monthly bills and entertainment expenses. Your monthly income is a big factor in how much you can contribute.\n\nYou may want to consider maximizing your employer match. If your employer matches up to 5% of your salary, you’ll contribute that amount to maximize your match.\n\nIf you have a 401(k) plan from a previous employer, you may be able to roll it over to your new 401(k) or retirement plan. A [401(k) rollover](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-rollover-81700\/) makes it easier to manage and monitor your retirement savings since they’re all in one place.\n\nIf you have questions about your 401(k) plan details or how much you should contribute, talk to your plan administrator or financial advisor.\n\nNo matter what moves you made last year, [TurboTax](https:\/\/turbotax.intuit.com\/) will make them count on your taxes. Whether you want to do your taxes yourself or have a [TurboTax expert](https:\/\/turbotax.intuit.com\/personal-taxes\/online\/live\/full-service\/) file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed.\n\n[Get started](https:\/\/myturbotax.intuit.com\/?cid=soc_blog_button_file)\n\n- [Previous Post The Beginners Guide to 401(k) Rollovers](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-rollover-81700\/)\n- [Next Post 14 Money Management Tips for Beginners](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/5-ways-to-improve-your-finances-15072\/)\n\n## Your refund is waiting\n[Get started](https:\/\/myturbotax.intuit.com\/sign-up)\n\n![TurboTaxBlogTeam](https:\/\/i0.wp.com\/blog.turbotax.intuit.com\/wp-content\/uploads\/2022\/10\/image.png?resize=256%2C256&ssl=1)\n\n![TurboTaxBlogTeam](https:\/\/i0.wp.com\/blog.turbotax.intuit.com\/wp-content\/uploads\/2022\/10\/image.png?resize=96%2C96&ssl=1)\n\n## Written by   [TurboTaxBlogTeam](https:\/\/blog.turbotax.intuit.com\/author\/ttoutcast\/)\n\n[More from TurboTaxBlogTeam](https:\/\/blog.turbotax.intuit.com\/author\/ttoutcast\/)\n\n## Browse Related Articles\n![](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2010\/10\/Should-You-Contribute-to-a-Roth-IRA-or-401k411-x-600-px.png?crop=1&h=874)\n\n- [Tax Tips](https:\/\/blog.turbotax.intuit.com\/category\/tax-tips\/)\n## Should You Contribute to a Roth IRA, Traditional IRA or 401(k)?\n\n![Close up of folder and paperwork with the words \"Individual 401(k)”](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2007\/01\/shutterstock_1576342369-1.jpg?crop=1&h=874)\n\n- [Tax Tips](https:\/\/blog.turbotax.intuit.com\/category\/tax-tips\/)\n## What Is a 401(k) & How Does It Help You Plan for Retirement?\n\n![Solo 401(k) Guide to Self-Employed Retirement Plans (411 x 600 px)](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2017\/07\/Solo-401k-Guide-to-Self-Employed-Retirement-Plans-411-x-600-px.png?crop=1&h=874)\n\n- [Self-Employed](https:\/\/blog.turbotax.intuit.com\/category\/self-employed\/)\n## Solo 401(k): Guide to Self-Employed Retirement Plans\n\n![](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2024\/06\/4-Ways-to-Save-for-Retirement-When-You-Work-in-the-Gig-Economy-411-x-600-px.png?crop=1&h=874)\n\n- [Self-Employed](https:\/\/blog.turbotax.intuit.com\/category\/self-employed\/)\n## 4 Ways to Save for Retirement When You Work in the Gig Economy\n\n![Can You Deduct 401K Savings From Your Taxes (411 × 600 px)](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2022\/03\/Can-You-Deduct-401K-Savings-From-Your-Taxes-411-%C3%97-600-px.png?crop=1&h=874)\n\n- [Tax Deductions and Credits](https:\/\/blog.turbotax.intuit.com\/category\/tax-deductions-and-credits-2\/)\n## Can You Deduct 401(k) Contributions from Your Taxes?\n\n![](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2017\/02\/istock-513486040.jpg?crop=1&h=874)\n\n- [401K, IRA, Stocks](https:\/\/blog.turbotax.intuit.com\/category\/income-and-investments\/401k-ira-stocks\/)\n## Using Your 401k to Reduce Taxable Income\n\n![IRA](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2007\/02\/shutterstock_2080444186.jpg?crop=1&h=874)\n\n- [Tax Tips](https:\/\/blog.turbotax.intuit.com\/category\/tax-tips\/)\n## The Basics of a Traditional IRA\n\n![](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2025\/02\/tt-default.jpeg?crop=1&h=874)\n\n- [Tax Tips](https:\/\/blog.turbotax.intuit.com\/category\/tax-tips\/)\n## Should I Pull Money From My 401k?\n\n![](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2025\/02\/tt-default.jpeg?crop=1&h=874)\n\n- [Taxes 101](https:\/\/blog.turbotax.intuit.com\/category\/taxes-101\/)\n## How is Your Retirement Savings Taxed?\n\n![](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2025\/02\/tt-default.jpeg?crop=1&h=874)\n\n- [401K, IRA, Stocks](https:\/\/blog.turbotax.intuit.com\/category\/income-and-investments\/401k-ira-stocks\/)\n## Roll Over Your 401(k) and Gain Control of Your Money\n\n- ## About\n  - 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[Credit Karma credit score](https:\/\/www.creditkarma.com\/)\n  - [More from Intuit](https:\/\/www.intuit.com\/)\n\n[![Intuit logo](https:\/\/blog.turbotax.intuit.com\/wp-content\/themes\/rkv\/assets\/images\/intuit-logo-blue.svg)](https:\/\/www.intuit.com\/?cid=int_tt_intuit_us_blog-ft)\n\n[![TurboTax logo](https:\/\/blog.turbotax.intuit.com\/wp-content\/themes\/rkv\/assets\/images\/footer-logo-turbotax.svg)](https:\/\/turbotax.intuit.com\/?cid=int_tt_tt_us_blog-ft)   [![QuickBooks logo](https:\/\/blog.turbotax.intuit.com\/wp-content\/themes\/rkv\/assets\/images\/footer-logo-quickbooks.svg)](https:\/\/quickbooks.intuit.com\/?cid=int_tt_quickbooks_us_blog-ft)   [![CreditKarma logo](https:\/\/blog.turbotax.intuit.com\/wp-content\/themes\/rkv\/assets\/images\/footer-logo-creditkarma.svg)](https:\/\/www.creditkarma.com\/?cid=int_tt_creditkarma_us_blog-ft)   [![MailChimp logo](https:\/\/blog.turbotax.intuit.com\/wp-content\/themes\/rkv\/assets\/images\/footer-logo-mailchimp.svg)](https:\/\/mailchimp.com\/?cid=int_tt_mailchimp_us_blog-ft)\n\n© 2026 Blog.\n\n- [Legal](https:\/\/about.intuit.com\/legal\/)\n- [Privacy](https:\/\/www.intuit.com\/privacy)\n- [Security](https:\/\/security.intuit.com\/)\n- [Manage cookies](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-contribution-limits-81714\/)\n- [Blog Site Map](https:\/\/blog.turbotax.intuit.com\/blog-site-map\/)\n- [Blog Post Archive](https:\/\/blog.turbotax.intuit.com\/blog-post-archive\/)\n\n[Blog](https:\/\/blog.turbotax.intuit.com\/)\n\n- [YouTube](https:\/\/www.youtube.com\/user\/TurboTax)\n- [RSS](https:\/\/blog.turbotax.intuit.com\/feed\/rss)\n- [Facebook](https:\/\/www.facebook.com\/turbotax)\n- [Twitter](https:\/\/twitter.com\/TURBOTAX)\n- [Instagram](https:\/\/www.instagram.com\/turbotax)\n- [Tumblr](https:\/\/turbotax.tumblr.com\/)","attrs_readable_markdown":"Contributing to a 401(k) can be a smart way to start [preparing for retirement](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-ira-stocks\/retirement-doesnt-have-to-be-scary-here-are-7-ways-you-can-prepare-20466\/) — but there are a few rules to keep in mind.\n\n401(k) contribution limits tell you how much you can contribute in a calendar year. There’s also a combined contribution limit for you and your employer, plus catch-up contribution limits.\n\nIf you’re just getting started with your 401(k), understanding 401(k) contribution limits for 2024 is important. Let’s take a closer look at the 2024 401(k) contribution limits so you can maximize your retirement savings.\n\nYour refund is waiting\n\nEach year, the 401(k) contribution limits increase by a small amount. If you recently [started a 401(k)](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-ira-stocks\/i-started-a-401k-this-year-what-do-i-need-to-know-when-i-file-33129\/), the 2024 contribution limits are particularly important.\n\nThe 401(k) 2024 employee contribution limit is \\$23,000, which is an increase of \\$500 from the previous year. This contribution limit doesn’t include catch-up contributions or contributions your employer makes to your 401(k).\n\nThe total overall 401(k) contribution limit for 2024, which includes employer matching contributions and nonelective contributions, is \\$69,000. This limit doesn’t include catch-up contributions for employees who are 50 years or older.\n\nYou can talk to your plan administrator to figure out how much you need to contribute to maximize your 401(k) contributions for 2024.\n\n## 401(k) contribution limits for 2023\nSince 401(k) contribution limits typically increase each year, the contribution limits for 2023 are slightly lower.\n\nThe 2023 401(k) contribution limit was \\$22,500, or \\$500 less than the 2024 limit. This is the personal contribution limit, which means it doesn’t include catch-up contributions or any contributions made by your employer.\n\nIn total, the overall 401(k) contribution limit for 2023 is \\$66,000. This includes your personal contributions as well as any contributions your employer makes, but catch-up contributions aren’t included.\n\nThe catch-up contribution limit for 2023 is \\$7,500. If you’re eligible to make catch-up contributions, your total combined 401k 2023 contribution limit is \\$73,500.\n\n## Catch-up contribution limits for 2024\nIf you’re 50 or older at the end of the calendar year, you can make catch-up contributions.\n\n![Senior woman using a calculator and reading a document.](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2024\/06\/shutterstock_1824965774.jpg?w=580)\n\nThe 401(k) contribution limit for those over 50, or the catch-up contribution limit, is \\$7,500 in 2024. This means that your total 401(k) contribution limit for 2024 is \\$30,500. This number only includes personal contributions — employer matches. Nonelective contributions aren’t included.\n\nCatch-up contributions aren’t exclusive to 401(k) plans. You can also make catch-up contributions if you have a 403(b), SARSEP, or governmental 457(b).\n\nAll catch-up contributions must be made via elective deferrals, and you have until the end of the calendar year to make your annual catch-up contributions.\n\nIf you weren’t able to build a [401(k) savings](https:\/\/blog.turbotax.intuit.com\/tax-deductions-and-credits-2\/can-you-deduct-401k-savings-from-your-taxes-7169\/) when you were younger, catch-up contributions can help you make up for lost time.\n\n## After-tax 401(k) contribution limits for 2024\nThe 401(k) contribution limits set by the IRS apply to pre-tax contributions. If you max out your pre-tax contribution limit, you may still be able to make after-tax contributions to your 401(k) account.\n\nKeep in mind that after-tax contributions aren’t always allowed. According to [CNBC](https:\/\/www.cnbc.com\/2022\/06\/10\/more-companies-are-offering-an-after-tax-401k-option-for-big-savers.html), about 21% of company plans offered after-tax 401(k) contributions — a slight increase from 19% in 2020. Check with your plan advisor to see if after-tax contributions are permitted.\n\nIf you didn’t max out your total contribution limit — including employer matches and nonelective contributions — you can make additional after-tax contributions if your 401(k) allows for them.\n\nIf your 401(k) allows you to make after-tax contributions, you have to include those contributions on your tax return. However, you can’t deduct after-tax contributions on your tax return like you can with pre-tax contributions.\n\nAfter-tax contributions offer several benefits. These contributions grow tax-free like Roth IRA or Roth 401(k) contributions, and you can make qualified withdrawals without paying taxes or penalties.\n\nThe only real downside to making after-tax contributions is that many 401(k) plans don’t allow them. You can talk to your plan administrator to learn more about after-tax contributions and how you can use them to supplement your pre-tax contributions.\n\n## Are the contribution limits different for a Roth 401(k)?\nWhether you’re contributing to a Roth 401(k) or a traditional 401(k), the same contribution limits apply. This includes your personal contribution limit as well as the total contribution limit, including employer matches and nonelective contributions.\n\nThe difference between a traditional 401(k) and a Roth 401(k) is the type of contributions you make:\n\n- **Traditional 401(k):** Contributions to your traditional 401(k) are made with pre-tax dollars, which means you can deduct contributions on your taxes. When you withdraw money from a traditional 401(k), it’s taxed as regular income.\n- **Roth 401(k):** Roth 401(k) contributions are made with after-tax dollars, so your money grows tax-free, and you don’t pay taxes on withdrawals. Roth 401(k) contributions aren’t tax-deductible.\n\nYou may be able to make after-tax contributions to a traditional 401(k), and those contributions will grow tax-free. Check with your plan administrator to find out if you can make after-tax contributions.\n\nIRAs give you the freedom to choose how you invest your money. You can also have a financial advisor manage your Roth IRA for you.\n\n## Are contribution limits different for 403(b) and 457(b) plans?\n403(b) plans,or tax-sheltered annuity (TSA) plans, are a type of retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations. 457(b) plans are typically for governmental employees, although there are also nongovernmental 457(b) plans.\n\nThe contribution limits for 403(b) and 457(b) plans are the same as the 401(k) contribution limits for any given calendar year. In 2024, the 403(b) and 457(b) contribution limit is \\$23,000 for personal contributions.\n\nIf you’re turning 50 or over the age of 50 at the end of the 2024 calendar year, you’re also eligible to make up to \\$7,500 in catch-up contributions to your 403(b) or 457(b). This increases your total contribution limit to \\$30,500.\n\nYour employer can also contribute to your 403(b) plan, and employers may contribute to some 457(b) plans. Employer contribution limits are separate from your personal contribution limit, so you can still personally contribute up to \\$23,000.\n\nKeep in mind that there are a few key differences between 401(k) plans and your 403(b) or 457(b) plan. Some parts of this guide — including details about how 401(k) plans are taxed — may not apply to other types of retirement accounts.\n\n![Couple discussing financial planning.](https:\/\/blog.turbotax.intuit.com\/wp-content\/uploads\/2024\/06\/shutterstock_2229856785.jpg?w=580)\n\n## Is there a penalty for exceeding the 401(k) contribution limit?\nIt might sound strange, but there can be penalties for exceeding the 401(k) contribution limit for a calendar year.\n\nBecause 401(k) contributions are made with pre-tax dollars, they’re not included in your income. By exceeding your 401(k) contribution limits for 2024, you’re essentially underpaying your income taxes.\n\nIf you exceed your 401(k) contribution in a calendar year, the IRS may impose a 6% penalty for each year your overcontribution stays in your retirement account. Withdrawing overcontributions — and related earnings — can help you avoid this penalty.\n\nYou can also choose to apply overcontributions to the next year, but those excess contributions will still be subject to a 6% penalty.\n\nIf you overcontribute to your 401(k), the best thing you can do is notify your plan administrator. If you notify your plan administrator before the tax filing deadline, you can have excess contributions returned and avoid penalties.\n\n## How much should you contribute to a 401(k)?\nIt’s up to you to decide how much you can afford to contribute to your 401(k). The more you can contribute, the better prepared you’ll be for your golden years.\n\nBefore you decide how much you want to contribute to your 401(k), here are a few things to consider:\n\n- Your monthly income\n- Your expenses\n- Your employer match\n- Your retirement savings goals\n\nWhile saving more can help you out in the long run, you still need enough money for your monthly bills and entertainment expenses. Your monthly income is a big factor in how much you can contribute.\n\nYou may want to consider maximizing your employer match. If your employer matches up to 5% of your salary, you’ll contribute that amount to maximize your match.\n\nIf you have a 401(k) plan from a previous employer, you may be able to roll it over to your new 401(k) or retirement plan. A [401(k) rollover](https:\/\/blog.turbotax.intuit.com\/income-and-investments\/401k-rollover-81700\/) makes it easier to manage and monitor your retirement savings since they’re all in one place.\n\nIf you have questions about your 401(k) plan details or how much you should contribute, talk to your plan administrator or financial advisor.\n\nNo matter what moves you made last year, [TurboTax](https:\/\/turbotax.intuit.com\/) will make them count on your taxes. Whether you want to do your taxes yourself or have a [TurboTax expert](https:\/\/turbotax.intuit.com\/personal-taxes\/online\/live\/full-service\/) file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed.","meta_canonical":null}

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URL	https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/
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Meta Title	401k Contribution Limits for 2024: Everything You Need to Know - Intuit TurboTax Blog
Meta Description	The 401(k) contribution limit for 2024 is $23,000. You may also be eligible for employer matching and catch-up contributions. Learn more about 401(k) limits.
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Boilerpipe Text	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. 401(k) contribution limits tell you how much you can contribute in a calendar year. There’s also a combined contribution limit for you and your employer, plus catch-up contribution limits. If you’re just getting started with your 401(k), understanding 401(k) contribution limits for 2024 is important. Let’s take a closer look at the 2024 401(k) contribution limits so you can maximize your retirement savings. Your refund is waiting Each year, the 401(k) contribution limits increase by a small amount. If you recently started a 401(k) , the 2024 contribution limits are particularly important. The 401(k) 2024 employee contribution limit is $23,000, which is an increase of $500 from the previous year. This contribution limit doesn’t include catch-up contributions or contributions your employer makes to your 401(k). The total overall 401(k) contribution limit for 2024, which includes employer matching contributions and nonelective contributions, is $69,000. This limit doesn’t include catch-up contributions for employees who are 50 years or older. You can talk to your plan administrator to figure out how much you need to contribute to maximize your 401(k) contributions for 2024. 401(k) contribution limits for 2023 Since 401(k) contribution limits typically increase each year, the contribution limits for 2023 are slightly lower. The 2023 401(k) contribution limit was $22,500, or $500 less than the 2024 limit. This is the personal contribution limit, which means it doesn’t include catch-up contributions or any contributions made by your employer. In total, the overall 401(k) contribution limit for 2023 is $66,000. This includes your personal contributions as well as any contributions your employer makes, but catch-up contributions aren’t included. The catch-up contribution limit for 2023 is $7,500. If you’re eligible to make catch-up contributions, your total combined 401k 2023 contribution limit is $73,500. Catch-up contribution limits for 2024 If you’re 50 or older at the end of the calendar year, you can make catch-up contributions. The 401(k) contribution limit for those over 50, or the catch-up contribution limit, is $7,500 in 2024. This means that your total 401(k) contribution limit for 2024 is $30,500. This number only includes personal contributions — employer matches. Nonelective contributions aren’t included. Catch-up contributions aren’t exclusive to 401(k) plans. You can also make catch-up contributions if you have a 403(b), SARSEP, or governmental 457(b). All catch-up contributions must be made via elective deferrals, and you have until the end of the calendar year to make your annual catch-up contributions. If you weren’t able to build a 401(k) savings when you were younger, catch-up contributions can help you make up for lost time. After-tax 401(k) contribution limits for 2024 The 401(k) contribution limits set by the IRS apply to pre-tax contributions. If you max out your pre-tax contribution limit, you may still be able to make after-tax contributions to your 401(k) account. Keep in mind that after-tax contributions aren’t always allowed. According to CNBC , about 21% of company plans offered after-tax 401(k) contributions — a slight increase from 19% in 2020. Check with your plan advisor to see if after-tax contributions are permitted. If you didn’t max out your total contribution limit — including employer matches and nonelective contributions — you can make additional after-tax contributions if your 401(k) allows for them. If your 401(k) allows you to make after-tax contributions, you have to include those contributions on your tax return. However, you can’t deduct after-tax contributions on your tax return like you can with pre-tax contributions. After-tax contributions offer several benefits. These contributions grow tax-free like Roth IRA or Roth 401(k) contributions, and you can make qualified withdrawals without paying taxes or penalties. The only real downside to making after-tax contributions is that many 401(k) plans don’t allow them. You can talk to your plan administrator to learn more about after-tax contributions and how you can use them to supplement your pre-tax contributions. Are the contribution limits different for a Roth 401(k)? Whether you’re contributing to a Roth 401(k) or a traditional 401(k), the same contribution limits apply. This includes your personal contribution limit as well as the total contribution limit, including employer matches and nonelective contributions. The difference between a traditional 401(k) and a Roth 401(k) is the type of contributions you make: Traditional 401(k): Contributions to your traditional 401(k) are made with pre-tax dollars, which means you can deduct contributions on your taxes. When you withdraw money from a traditional 401(k), it’s taxed as regular income. Roth 401(k): Roth 401(k) contributions are made with after-tax dollars, so your money grows tax-free, and you don’t pay taxes on withdrawals. Roth 401(k) contributions aren’t tax-deductible. You may be able to make after-tax contributions to a traditional 401(k), and those contributions will grow tax-free. Check with your plan administrator to find out if you can make after-tax contributions. IRAs give you the freedom to choose how you invest your money. You can also have a financial advisor manage your Roth IRA for you. Are contribution limits different for 403(b) and 457(b) plans? 403(b) plans,or tax-sheltered annuity (TSA) plans, are a type of retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations. 457(b) plans are typically for governmental employees, although there are also nongovernmental 457(b) plans. The contribution limits for 403(b) and 457(b) plans are the same as the 401(k) contribution limits for any given calendar year. In 2024, the 403(b) and 457(b) contribution limit is $23,000 for personal contributions. If you’re turning 50 or over the age of 50 at the end of the 2024 calendar year, you’re also eligible to make up to $7,500 in catch-up contributions to your 403(b) or 457(b). This increases your total contribution limit to $30,500. Your employer can also contribute to your 403(b) plan, and employers may contribute to some 457(b) plans. Employer contribution limits are separate from your personal contribution limit, so you can still personally contribute up to $23,000. Keep in mind that there are a few key differences between 401(k) plans and your 403(b) or 457(b) plan. Some parts of this guide — including details about how 401(k) plans are taxed — may not apply to other types of retirement accounts. Is there a penalty for exceeding the 401(k) contribution limit? It might sound strange, but there can be penalties for exceeding the 401(k) contribution limit for a calendar year. Because 401(k) contributions are made with pre-tax dollars, they’re not included in your income. By exceeding your 401(k) contribution limits for 2024, you’re essentially underpaying your income taxes. If you exceed your 401(k) contribution in a calendar year, the IRS may impose a 6% penalty for each year your overcontribution stays in your retirement account. Withdrawing overcontributions — and related earnings — can help you avoid this penalty. You can also choose to apply overcontributions to the next year, but those excess contributions will still be subject to a 6% penalty. If you overcontribute to your 401(k), the best thing you can do is notify your plan administrator. If you notify your plan administrator before the tax filing deadline, you can have excess contributions returned and avoid penalties. How much should you contribute to a 401(k)? It’s up to you to decide how much you can afford to contribute to your 401(k). The more you can contribute, the better prepared you’ll be for your golden years. Before you decide how much you want to contribute to your 401(k), here are a few things to consider: Your monthly income Your expenses Your employer match Your retirement savings goals While saving more can help you out in the long run, you still need enough money for your monthly bills and entertainment expenses. Your monthly income is a big factor in how much you can contribute. You may want to consider maximizing your employer match. If your employer matches up to 5% of your salary, you’ll contribute that amount to maximize your match. If you have a 401(k) plan from a previous employer, you may be able to roll it over to your new 401(k) or retirement plan. A 401(k) rollover makes it easier to manage and monitor your retirement savings since they’re all in one place. If you have questions about your 401(k) plan details or how much you should contribute, talk to your plan administrator or financial advisor. No matter what moves you made last year, TurboTax will make them count on your taxes. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed.
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What Are the 401(k) Contribution Limits for 2024? ![401k Contribution Limits for 2024: Everything You Need to Know (1440 x 600 px)](https://blog.turbotax.intuit.com/wp-content/uploads/2024/06/What-is-a-HSA-1440-x-600-px.png?w=1440&h=600&crop=1) ![401k Contribution Limits for 2024: Everything You Need to Know (411 x 600 px)](https://blog.turbotax.intuit.com/wp-content/uploads/2024/06/What-is-a-HSA-411-x-600-px-1.png?w=411&h=600&crop=1) - [Income and Investments](https://blog.turbotax.intuit.com/category/income-and-investments/) # What Are the 401(k) Contribution Limits for 2024? [Read the Article](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#entry-content) Open Share Drawer ### Share this: - [Share on Facebook (Opens in new window) Facebook](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/?share=facebook&nb=1) - [Share on X (Opens in new window) X](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/?share=twitter&nb=1) - [Share on LinkedIn (Opens in new window) LinkedIn](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/?share=linkedin&nb=1) - [Share on Pinterest (Opens in new window) Pinterest](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/?share=pinterest&nb=1) - [Print (Opens in new window) Print](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#print?share=print&nb=1) - Written by [TurboTaxBlogTeam](https://blog.turbotax.intuit.com/author/ttoutcast/ "Posts by TurboTaxBlogTeam") - Published Jun 6, 2024 - 7 min read - Reviewed by [![](https://secure.gravatar.com/avatar/64030a872ffa8762d7664cdf0023cc38c781828847b05271c94454acd502e843?s=25&d=identicon&r=g) Jotika Teli, CPA](https://blog.turbotax.intuit.com/author/jteli/ "Posts by Jotika Teli, CPA.") [![](https://secure.gravatar.com/avatar/af10c20ba6bbb30216f13c2b7228e1517707499cf63fd02f5dbe91081ffe3da3?s=25&d=identicon&r=g) Lena Hanna, CPA](https://blog.turbotax.intuit.com/author/lhanna/ "Posts by Lena Hanna, CPA.") Contributing to a 401(k) can be a smart way to start [preparing for retirement](https://blog.turbotax.intuit.com/income-and-investments/401k-ira-stocks/retirement-doesnt-have-to-be-scary-here-are-7-ways-you-can-prepare-20466/) — but there are a few rules to keep in mind. 401(k) contribution limits tell you how much you can contribute in a calendar year. There’s also a combined contribution limit for you and your employer, plus catch-up contribution limits. If you’re just getting started with your 401(k), understanding 401(k) contribution limits for 2024 is important. Let’s take a closer look at the 2024 401(k) contribution limits so you can maximize your retirement savings. ## Table of Contents [401(k) contribution limits for 2024](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#401k-contribution-limits-for-2024)[401(k) contribution limits for 2023](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#401k-contribution-limits-for-2023)[Catch-up contribution limits for 2024](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#catchup-contribution-limits-for-2024)[After-tax 401(k) contribution limits for 2024](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#aftertax-401k-contribution-limits-for-2024)[Are the contribution limits different for a Roth 401(k)?](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#are-the-contribution-limits-different-for-a-roth-401k)[Are contribution limits different for 403(b) and 457(b) plans?](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#are-contribution-limits-different-for-403b-and-457b-plans)[Is there a penalty for exceeding the 401(k) contribution limit?](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#is-there-a-penalty-for-exceeding-the-401k-contribution-limit)[How much should you contribute to a 401(k)?](https://blog.turbotax.intuit.com/income-and-investments/401k-contribution-limits-81714/#how-much-should-you-contribute-to-a-401k) ## Your refund is waiting [Get started](https://myturbotax.intuit.com/sign-up) [Intuit](https://blog.turbotax.intuit.com/) - [Turbotax](https://turbotax.intuit.com/) - [Credit Karma](https://www.creditkarma.com/) - [Quickbooks](https://quickbooks.intuit.com/) Use your Intuit Account to sign in to TurboTax.[Learn more](https://ttlc.intuit.com/questions/3614066-creating-an-account) By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement . New to Intuit?[Create an account](https://myturbotax.intuit.com/sign-up) ## 401(k) contribution limits for 2024 Each year, the 401(k) contribution limits increase by a small amount. If you recently [started a 401(k)](https://blog.turbotax.intuit.com/income-and-investments/401k-ira-stocks/i-started-a-401k-this-year-what-do-i-need-to-know-when-i-file-33129/), the 2024 contribution limits are particularly important. The 401(k) 2024 employee contribution limit is \$23,000, which is an increase of \$500 from the previous year. This contribution limit doesn’t include catch-up contributions or contributions your employer makes to your 401(k). The total overall 401(k) contribution limit for 2024, which includes employer matching contributions and nonelective contributions, is \$69,000. This limit doesn’t include catch-up contributions for employees who are 50 years or older. You can talk to your plan administrator to figure out how much you need to contribute to maximize your 401(k) contributions for 2024. ## 401(k) contribution limits for 2023 Since 401(k) contribution limits typically increase each year, the contribution limits for 2023 are slightly lower. The 2023 401(k) contribution limit was \$22,500, or \$500 less than the 2024 limit. This is the personal contribution limit, which means it doesn’t include catch-up contributions or any contributions made by your employer. In total, the overall 401(k) contribution limit for 2023 is \$66,000. This includes your personal contributions as well as any contributions your employer makes, but catch-up contributions aren’t included. The catch-up contribution limit for 2023 is \$7,500. If you’re eligible to make catch-up contributions, your total combined 401k 2023 contribution limit is \$73,500. ## Catch-up contribution limits for 2024 If you’re 50 or older at the end of the calendar year, you can make catch-up contributions. ![Senior woman using a calculator and reading a document.](https://blog.turbotax.intuit.com/wp-content/uploads/2024/06/shutterstock_1824965774.jpg?w=580) The 401(k) contribution limit for those over 50, or the catch-up contribution limit, is \$7,500 in 2024. This means that your total 401(k) contribution limit for 2024 is \$30,500. This number only includes personal contributions — employer matches. Nonelective contributions aren’t included. Catch-up contributions aren’t exclusive to 401(k) plans. You can also make catch-up contributions if you have a 403(b), SARSEP, or governmental 457(b). All catch-up contributions must be made via elective deferrals, and you have until the end of the calendar year to make your annual catch-up contributions. If you weren’t able to build a [401(k) savings](https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/can-you-deduct-401k-savings-from-your-taxes-7169/) when you were younger, catch-up contributions can help you make up for lost time. ## After-tax 401(k) contribution limits for 2024 The 401(k) contribution limits set by the IRS apply to pre-tax contributions. If you max out your pre-tax contribution limit, you may still be able to make after-tax contributions to your 401(k) account. Keep in mind that after-tax contributions aren’t always allowed. According to [CNBC](https://www.cnbc.com/2022/06/10/more-companies-are-offering-an-after-tax-401k-option-for-big-savers.html), about 21% of company plans offered after-tax 401(k) contributions — a slight increase from 19% in 2020. Check with your plan advisor to see if after-tax contributions are permitted. If you didn’t max out your total contribution limit — including employer matches and nonelective contributions — you can make additional after-tax contributions if your 401(k) allows for them. If your 401(k) allows you to make after-tax contributions, you have to include those contributions on your tax return. However, you can’t deduct after-tax contributions on your tax return like you can with pre-tax contributions. After-tax contributions offer several benefits. These contributions grow tax-free like Roth IRA or Roth 401(k) contributions, and you can make qualified withdrawals without paying taxes or penalties. The only real downside to making after-tax contributions is that many 401(k) plans don’t allow them. You can talk to your plan administrator to learn more about after-tax contributions and how you can use them to supplement your pre-tax contributions. ## Are the contribution limits different for a Roth 401(k)? Whether you’re contributing to a Roth 401(k) or a traditional 401(k), the same contribution limits apply. This includes your personal contribution limit as well as the total contribution limit, including employer matches and nonelective contributions. The difference between a traditional 401(k) and a Roth 401(k) is the type of contributions you make: - Traditional 401(k): Contributions to your traditional 401(k) are made with pre-tax dollars, which means you can deduct contributions on your taxes. When you withdraw money from a traditional 401(k), it’s taxed as regular income. - Roth 401(k): Roth 401(k) contributions are made with after-tax dollars, so your money grows tax-free, and you don’t pay taxes on withdrawals. Roth 401(k) contributions aren’t tax-deductible. You may be able to make after-tax contributions to a traditional 401(k), and those contributions will grow tax-free. Check with your plan administrator to find out if you can make after-tax contributions. IRAs give you the freedom to choose how you invest your money. You can also have a financial advisor manage your Roth IRA for you. ## Are contribution limits different for 403(b) and 457(b) plans? 403(b) plans,or tax-sheltered annuity (TSA) plans, are a type of retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations. 457(b) plans are typically for governmental employees, although there are also nongovernmental 457(b) plans. The contribution limits for 403(b) and 457(b) plans are the same as the 401(k) contribution limits for any given calendar year. In 2024, the 403(b) and 457(b) contribution limit is \$23,000 for personal contributions. If you’re turning 50 or over the age of 50 at the end of the 2024 calendar year, you’re also eligible to make up to \$7,500 in catch-up contributions to your 403(b) or 457(b). This increases your total contribution limit to \$30,500. Your employer can also contribute to your 403(b) plan, and employers may contribute to some 457(b) plans. Employer contribution limits are separate from your personal contribution limit, so you can still personally contribute up to \$23,000. Keep in mind that there are a few key differences between 401(k) plans and your 403(b) or 457(b) plan. Some parts of this guide — including details about how 401(k) plans are taxed — may not apply to other types of retirement accounts. ![Couple discussing financial planning.](https://blog.turbotax.intuit.com/wp-content/uploads/2024/06/shutterstock_2229856785.jpg?w=580) ## Is there a penalty for exceeding the 401(k) contribution limit? It might sound strange, but there can be penalties for exceeding the 401(k) contribution limit for a calendar year. Because 401(k) contributions are made with pre-tax dollars, they’re not included in your income. By exceeding your 401(k) contribution limits for 2024, you’re essentially underpaying your income taxes. If you exceed your 401(k) contribution in a calendar year, the IRS may impose a 6% penalty for each year your overcontribution stays in your retirement account. Withdrawing overcontributions — and related earnings — can help you avoid this penalty. You can also choose to apply overcontributions to the next year, but those excess contributions will still be subject to a 6% penalty. If you overcontribute to your 401(k), the best thing you can do is notify your plan administrator. If you notify your plan administrator before the tax filing deadline, you can have excess contributions returned and avoid penalties. ## How much should you contribute to a 401(k)? It’s up to you to decide how much you can afford to contribute to your 401(k). The more you can contribute, the better prepared you’ll be for your golden years. Before you decide how much you want to contribute to your 401(k), here are a few things to consider: - Your monthly income - Your expenses - Your employer match - Your retirement savings goals While saving more can help you out in the long run, you still need enough money for your monthly bills and entertainment expenses. Your monthly income is a big factor in how much you can contribute. You may want to consider maximizing your employer match. If your employer matches up to 5% of your salary, you’ll contribute that amount to maximize your match. If you have a 401(k) plan from a previous employer, you may be able to roll it over to your new 401(k) or retirement plan. A [401(k) rollover](https://blog.turbotax.intuit.com/income-and-investments/401k-rollover-81700/) makes it easier to manage and monitor your retirement savings since they’re all in one place. 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[Tax Tips](https://blog.turbotax.intuit.com/category/tax-tips/) ## Should You Contribute to a Roth IRA, Traditional IRA or 401(k)? ![Close up of folder and paperwork with the words "Individual 401(k)”](https://blog.turbotax.intuit.com/wp-content/uploads/2007/01/shutterstock_1576342369-1.jpg?crop=1&h=874) - [Tax Tips](https://blog.turbotax.intuit.com/category/tax-tips/) ## What Is a 401(k) & How Does It Help You Plan for Retirement? ![Solo 401(k) Guide to Self-Employed Retirement Plans (411 x 600 px)](https://blog.turbotax.intuit.com/wp-content/uploads/2017/07/Solo-401k-Guide-to-Self-Employed-Retirement-Plans-411-x-600-px.png?crop=1&h=874) - [Self-Employed](https://blog.turbotax.intuit.com/category/self-employed/) ## Solo 401(k): Guide to Self-Employed Retirement Plans ![](https://blog.turbotax.intuit.com/wp-content/uploads/2024/06/4-Ways-to-Save-for-Retirement-When-You-Work-in-the-Gig-Economy-411-x-600-px.png?crop=1&h=874) - [Self-Employed](https://blog.turbotax.intuit.com/category/self-employed/) ## 4 Ways to Save for Retirement When You Work in the Gig Economy ![Can You Deduct 401K Savings From Your Taxes (411 × 600 px)](https://blog.turbotax.intuit.com/wp-content/uploads/2022/03/Can-You-Deduct-401K-Savings-From-Your-Taxes-411-%C3%97-600-px.png?crop=1&h=874) - 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Readable Markdown	Contributing to a 401(k) can be a smart way to start [preparing for retirement](https://blog.turbotax.intuit.com/income-and-investments/401k-ira-stocks/retirement-doesnt-have-to-be-scary-here-are-7-ways-you-can-prepare-20466/) — but there are a few rules to keep in mind. 401(k) contribution limits tell you how much you can contribute in a calendar year. There’s also a combined contribution limit for you and your employer, plus catch-up contribution limits. If you’re just getting started with your 401(k), understanding 401(k) contribution limits for 2024 is important. Let’s take a closer look at the 2024 401(k) contribution limits so you can maximize your retirement savings. Your refund is waiting Each year, the 401(k) contribution limits increase by a small amount. If you recently [started a 401(k)](https://blog.turbotax.intuit.com/income-and-investments/401k-ira-stocks/i-started-a-401k-this-year-what-do-i-need-to-know-when-i-file-33129/), the 2024 contribution limits are particularly important. The 401(k) 2024 employee contribution limit is \$23,000, which is an increase of \$500 from the previous year. This contribution limit doesn’t include catch-up contributions or contributions your employer makes to your 401(k). The total overall 401(k) contribution limit for 2024, which includes employer matching contributions and nonelective contributions, is \$69,000. This limit doesn’t include catch-up contributions for employees who are 50 years or older. You can talk to your plan administrator to figure out how much you need to contribute to maximize your 401(k) contributions for 2024. ## 401(k) contribution limits for 2023 Since 401(k) contribution limits typically increase each year, the contribution limits for 2023 are slightly lower. The 2023 401(k) contribution limit was \$22,500, or \$500 less than the 2024 limit. This is the personal contribution limit, which means it doesn’t include catch-up contributions or any contributions made by your employer. In total, the overall 401(k) contribution limit for 2023 is \$66,000. This includes your personal contributions as well as any contributions your employer makes, but catch-up contributions aren’t included. The catch-up contribution limit for 2023 is \$7,500. If you’re eligible to make catch-up contributions, your total combined 401k 2023 contribution limit is \$73,500. ## Catch-up contribution limits for 2024 If you’re 50 or older at the end of the calendar year, you can make catch-up contributions. ![Senior woman using a calculator and reading a document.](https://blog.turbotax.intuit.com/wp-content/uploads/2024/06/shutterstock_1824965774.jpg?w=580) The 401(k) contribution limit for those over 50, or the catch-up contribution limit, is \$7,500 in 2024. This means that your total 401(k) contribution limit for 2024 is \$30,500. This number only includes personal contributions — employer matches. Nonelective contributions aren’t included. Catch-up contributions aren’t exclusive to 401(k) plans. You can also make catch-up contributions if you have a 403(b), SARSEP, or governmental 457(b). All catch-up contributions must be made via elective deferrals, and you have until the end of the calendar year to make your annual catch-up contributions. If you weren’t able to build a [401(k) savings](https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/can-you-deduct-401k-savings-from-your-taxes-7169/) when you were younger, catch-up contributions can help you make up for lost time. ## After-tax 401(k) contribution limits for 2024 The 401(k) contribution limits set by the IRS apply to pre-tax contributions. If you max out your pre-tax contribution limit, you may still be able to make after-tax contributions to your 401(k) account. Keep in mind that after-tax contributions aren’t always allowed. According to [CNBC](https://www.cnbc.com/2022/06/10/more-companies-are-offering-an-after-tax-401k-option-for-big-savers.html), about 21% of company plans offered after-tax 401(k) contributions — a slight increase from 19% in 2020. Check with your plan advisor to see if after-tax contributions are permitted. If you didn’t max out your total contribution limit — including employer matches and nonelective contributions — you can make additional after-tax contributions if your 401(k) allows for them. If your 401(k) allows you to make after-tax contributions, you have to include those contributions on your tax return. However, you can’t deduct after-tax contributions on your tax return like you can with pre-tax contributions. After-tax contributions offer several benefits. These contributions grow tax-free like Roth IRA or Roth 401(k) contributions, and you can make qualified withdrawals without paying taxes or penalties. The only real downside to making after-tax contributions is that many 401(k) plans don’t allow them. You can talk to your plan administrator to learn more about after-tax contributions and how you can use them to supplement your pre-tax contributions. ## Are the contribution limits different for a Roth 401(k)? Whether you’re contributing to a Roth 401(k) or a traditional 401(k), the same contribution limits apply. This includes your personal contribution limit as well as the total contribution limit, including employer matches and nonelective contributions. The difference between a traditional 401(k) and a Roth 401(k) is the type of contributions you make: - Traditional 401(k): Contributions to your traditional 401(k) are made with pre-tax dollars, which means you can deduct contributions on your taxes. When you withdraw money from a traditional 401(k), it’s taxed as regular income. - Roth 401(k): Roth 401(k) contributions are made with after-tax dollars, so your money grows tax-free, and you don’t pay taxes on withdrawals. Roth 401(k) contributions aren’t tax-deductible. You may be able to make after-tax contributions to a traditional 401(k), and those contributions will grow tax-free. Check with your plan administrator to find out if you can make after-tax contributions. IRAs give you the freedom to choose how you invest your money. You can also have a financial advisor manage your Roth IRA for you. ## Are contribution limits different for 403(b) and 457(b) plans? 403(b) plans,or tax-sheltered annuity (TSA) plans, are a type of retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations. 457(b) plans are typically for governmental employees, although there are also nongovernmental 457(b) plans. The contribution limits for 403(b) and 457(b) plans are the same as the 401(k) contribution limits for any given calendar year. In 2024, the 403(b) and 457(b) contribution limit is \$23,000 for personal contributions. If you’re turning 50 or over the age of 50 at the end of the 2024 calendar year, you’re also eligible to make up to \$7,500 in catch-up contributions to your 403(b) or 457(b). This increases your total contribution limit to \$30,500. Your employer can also contribute to your 403(b) plan, and employers may contribute to some 457(b) plans. Employer contribution limits are separate from your personal contribution limit, so you can still personally contribute up to \$23,000. Keep in mind that there are a few key differences between 401(k) plans and your 403(b) or 457(b) plan. Some parts of this guide — including details about how 401(k) plans are taxed — may not apply to other types of retirement accounts. ![Couple discussing financial planning.](https://blog.turbotax.intuit.com/wp-content/uploads/2024/06/shutterstock_2229856785.jpg?w=580) ## Is there a penalty for exceeding the 401(k) contribution limit? It might sound strange, but there can be penalties for exceeding the 401(k) contribution limit for a calendar year. Because 401(k) contributions are made with pre-tax dollars, they’re not included in your income. By exceeding your 401(k) contribution limits for 2024, you’re essentially underpaying your income taxes. If you exceed your 401(k) contribution in a calendar year, the IRS may impose a 6% penalty for each year your overcontribution stays in your retirement account. Withdrawing overcontributions — and related earnings — can help you avoid this penalty. You can also choose to apply overcontributions to the next year, but those excess contributions will still be subject to a 6% penalty. If you overcontribute to your 401(k), the best thing you can do is notify your plan administrator. If you notify your plan administrator before the tax filing deadline, you can have excess contributions returned and avoid penalties. ## How much should you contribute to a 401(k)? It’s up to you to decide how much you can afford to contribute to your 401(k). The more you can contribute, the better prepared you’ll be for your golden years. Before you decide how much you want to contribute to your 401(k), here are a few things to consider: - Your monthly income - Your expenses - Your employer match - Your retirement savings goals While saving more can help you out in the long run, you still need enough money for your monthly bills and entertainment expenses. Your monthly income is a big factor in how much you can contribute. You may want to consider maximizing your employer match. If your employer matches up to 5% of your salary, you’ll contribute that amount to maximize your match. If you have a 401(k) plan from a previous employer, you may be able to roll it over to your new 401(k) or retirement plan. A [401(k) rollover](https://blog.turbotax.intuit.com/income-and-investments/401k-rollover-81700/) makes it easier to manage and monitor your retirement savings since they’re all in one place. If you have questions about your 401(k) plan details or how much you should contribute, talk to your plan administrator or financial advisor. No matter what moves you made last year, [TurboTax](https://turbotax.intuit.com/) will make them count on your taxes. Whether you want to do your taxes yourself or have a [TurboTax expert](https://turbotax.intuit.com/personal-taxes/online/live/full-service/) file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed.
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