2024 401 K Contribution Limit Over 50. If you withdraw money from your 401(k) before age 59½, you might be subject to a 10% penalty and income taxes. If you recently started a 401(k), the 2024 contribution limits.

Those 50 and older can contribute an additional. In 2024, the irs has increased the standard employee contribution limit for 401(k) plans to $23,000.