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SIMPLE 401k Catch Up Contributions401k Catch up contributions for SIMPLE 401k plans: According to the IRS, the 2024 SIMPLE 401k contribution limit is $16,000, an increase of $500 from the $15,500 limit for 2023. This is the maximum employee salary reduction contribution into a Simple 401k plan.
However, if you are 50 years old or older, or you will be 50 during the current year then you are allowed to defer an additional $3,500 from your salary into your SIMPLE 401k plan in 2024 provided your SIMPLE 401k plan documents allow for catch up contributions. Not all SIMPLE 401k plans offer catch up contributions nor are they required by law to do so. For 2023, The SIMPLE 401k catch up contribution limit is $3,500 and participants have until the end of 2023 to make those contributions.
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