what is the max 401k contribution for 2023

The maximum 401(k) contribution for 2023 is $22,500 for employees, which is an increase from the 2022 limit of $20,500. If you are age 50 or older, you can make an additional catch-up contribution of $7,500, bringing your total contribution limit to $30,000. Its important to note that the $22,500 limit applies to all 401(k) accounts, so if you have multiple accounts, the total of your contributions cannot exceed this limit. Additionally, the maximum total contribution for employees under 50 is $66,000, including salary deferrals, Roth 401(k) contributions, employer contributions, and personal non-tax-deductible contributions if allowed by your plan. If you are 50 or older, the maximum total is $73,500, including up to $7,500 in catch-up contributions.