what is the irs limit for elective deferrals 
an elective deferral is the amount that an employee chooses to deduct from their paycheck and deposit into an employer sponsored retirement plan like a 401 k the limit set by the irs is 22 500 in 2023 and 23 000 in 2024 individuals who are 50 or over can contribute an additional 7 500 each year for a total of 30 000 in 2023 and 30 500 in 2024 3employers may also match a portion of the employee s contribution this combined total cannot exceed the lesser of 100 of the employee s salary or 66 000 in 2023 73 500 with the catch up contribution and 69 000 in 2024 76 500 with the catch up contribution 10