Each year, your total 401(k) contributions are subject to an annual deferral limit. These contributions do not include employer contributions made to your account. For 2020, the IRS limits 401(k) employee contributions to $19,500. If you are over the age of 50, you are eligible to contribute an additional $6,500 as catch-up contributions.
The annual contribution limits may be adjusted annually by the IRS for cost‑of‑living. We will do our best to notify you every year of the maximum amount you can contribute. See this article to learn more about what happens if you exceed the annual deferral limit.