For 2024, you can contribute a maximum of $23,000 to your 401(k) (up from $22,500 for 2023). You can add another $7,500 in catch-up contributions if you're 50 or older (unchanged from 2023). If your employer offers a matching contribution, different limits exist for how much an...
Keep in mind that the contribution limit is much lower — $7,000 in 2024 ($8,000 if age 50 or older)— and Roth IRAs have income limits. That said, if you have spare money after maxing out your IRA accounts, funnel it back into ...
On the other hand, if you contributed $10,000 to a Roth 401(k), that $10,000 contribution would occurafterpaying all relevant federal, state, and local income taxes.Contributions to a Roth 401(k) donotlower your taxable income, so you would have a taxable income of $100,000 at year...