402g Limit 2024. Code section 402 (g) limits the amount an individual can defer to a 401 (k) plan during a calendar year, and it applies at an individual level, not at a plan level. Since $23,000 is the general 402(g) limit for 2024, even though that employee has yet to defer even a dollar to your plan, she won’t be able to defer anything.

After taking into account the applicable rounding rules, the amounts for 2024 are as follows: For 2024, the 402(g) limit is $23,000, or 100% of your annual compensation, whichever is less.