As of 2015, individuals can contribute up to $18,000 per year to their 401(k) accounts, advises the Internal Revenue Service. Individuals who are at least 50 years old can contribute an additional $6,000 per year in catch-up contributions. This amount is subject to annual adjustments to account for cost-of-living changes.Continue Reading
In addition to an individual's contributions, an employer may also contribute up to $53,000 per year to an employee's 401(k) and up to $59,000 per year for employees age 50 or older, advises the IRS. The total employer contribution cannot exceed the employee's total compensation for the year.
Individuals with a Simple 401(k) can contribute up to $12,500 per year to the plan and up to $3,000 per year in catch-up contributions, states the IRS.Learn more about Financial Planning