2024 contribution limits:
Under age 50:
The limit for contributions (combined employee and employer) is $69,000.
The employee deferral portion is limited to $23,000.
Age 50 and over:
The limit for contributions (combined employee and employer) is $76,500.
The employee deferral portion is limited to $30,500.
*Remember, there must be $1 of Includible Compensation for every $1 of Employer Contribution.