1. 401(K) Contributions Limits and Deadlines for 2023 and 2024
401(k) Contribution Deadlines
- Tax-year 2023 deadline is April 15th, 2024 (You may request an extension)
- Tax-year 2022 deadline is April 18th, 2023 (You may request an extension)
401(k), 403(b) and 457 Plan Contribution Limits for 2023 and 2024
The chart below provides a breakdown of the rules and limits for defined contribution plans 401(k), 403(b), and most 457 plans
Here is the 403(b), 457 and 401(K) maximum contribution limit for the year 2024-2023.
| Defined Contribution Plan Limits | 2024 | 2023 | Change |
| Elective contributions for all eligible workers | $23,000 | $22,500 | +$1000 |
| Catch-up contributions for workers 50 and over | $7,500 | $7,500 | no change |
| Defined contribution maximum from all sources for workers under 50 | $69,000 | $66,000 | +$3000 |
| Defined contribution maximum from all sources for workers 50 and over | $76,500 | $73,500 | +$3000 |
| Employee compensation limit for calculating contributions | $345,000 | $330,000 | +$15,000 |
| Key employees’ compensation threshold for nondiscrimination test testing | $220,000 | $215,000 | +$5,000 |
| Highly compensated employees’ threshold for nondiscrimination testing* | $155,000 | $150,000 | +$5,000 |
* For the 2024 plan year, an employee who earned more than $155,000 in 2023 is an HCE. For the 2023 plan year, an employee who earns more than $150,000 in 2022 is an HCE.
2. Solo 401k Contributions Limits and Deadlines for 2024 and 2023
Solo 401k Contribution Limits 2023-24
In Solo 401(k), the business owner is the employer and the employee. Thus, contributions to a Solo 401(k) can be made in both the capacities. Contributions to a Solo 401(k) consist of two types as follows:
1. Elective deferrals known as Employee Contributions.
| 2024 | 2023 | |
| Maximum elective deferral | $23,000 | $22,500 |
| Catch-up contribution for age 50 or older | $7,500 | $7,500 |
2. Profit sharing also known as Employer Contribution.
| 2023 | 2022 | |
| Maximum employer contribution | $46,000 | $43,500 |
| Catch-up contribution for age 50 or older | $7,500 | $7,500 |
Important note: For 2024, if the business owner decides to take the full $23,000 for the elective deferral, then he/she is limited to making only $46,500 in profit-sharing contributions, thus ensuring the contribution does not exceed $69,000.
For 2023, if the business owner decides to take the full $22,500 for the elective deferral, then he/she is limited to making only $43,500 in profit-sharing contributions, thus ensuring the contribution does not exceed $66,000.
Need Help with your 401(k)?
