The IRS limits the total amount you can contribute each year to a 401(k) plan. Limit is $23,000 for 2024.
For those over 50 years old, you can make additional “catch-up” contributions to your 401(k) plan. Limit is $7,500 for 2024.
* 401(k) retirement savings plans are required to file Form 5500 each year with the Department of Labor. This form provides a summary of the plan and lists all plan investments (see last few pages of the document for investment list).