There is a limit on the amount of elective deferrals that you can contribute to your traditional or safe harbor 401(k) plan.
Generally, all elective deferrals that you make to all plans in which you participate must be considered to determine if the dollar limits are exceeded.
Limits on the amount of elective deferrals that you can contribute to a SIMPLE 401(k) plan are different from those in a traditional or safe harbor 401(k).
Although, general rules for 401(k) plans provide for the dollar limit described above, that does not mean that you are entitled to defer that amount. Other limitations may come into play that would limit your elective deferrals to a lesser amount. For example, your plan document may provide a lower limit or the plan may need to further limit your elective deferrals in order to meet nondiscrimination requirements.
Catch-up contributions. For tax years beginning after 2001, a plan may permit participants who are age 50 or over at the end of the calendar year to make additional elective deferral contributions. These additional contributions (commonly referred to as catch-up contributions) are not subject to the general limits that apply to 401(k) plans. An employer is not required to provide for catch-up contributions in any of its plans. However, if your plan does allow catch-up contributions, it must allow all eligible participants to make the same election with respect to catch-up contributions.
If you participate in a traditional or safe harbor 401(k) plan and you are age 50 or older:
If you participate in a SIMPLE 401(k) plan and you are age 50 or older:
Assuming you're referring to the pre-tax contribution for a 401k .... the max in 2010 is $16,500.
Contributions in 2010 will be $16,500, the same as 2009. These contribution maximums did not change from 2009 maximums as the relevant cost-of-living index did not increase year over year. Also, catch-up contributions for 2010 will remain at $5,500.
The 2013 401K maximum contribution is $17,500. That makes two straight years of increases after three years of no increases from the IRS. If a person would like to max out a persons 401K in 2013, take $17,500 and divide it by a persons total salary from a persons employer.
16500 Looks like the IRS just released the 401k max contributions for next year. Unfortunately they're staying the same at $16,500. Inflation is to blame, or rather lack thereof. Which is too bad for all us prodigious savers!
The MAX amount you can draw is 300k.
Assuming you're referring to the pre-tax contribution for a 401k .... the max in 2010 is $16,500.
Contributions in 2010 will be $16,500, the same as 2009. These contribution maximums did not change from 2009 maximums as the relevant cost-of-living index did not increase year over year. Also, catch-up contributions for 2010 will remain at $5,500.
The 2013 401K maximum contribution is $17,500. That makes two straight years of increases after three years of no increases from the IRS. If a person would like to max out a persons 401K in 2013, take $17,500 and divide it by a persons total salary from a persons employer.
Yes you can. The catchup contribution is in addition to the maximum annual contribution under IRC 457, which was $15,500 in 2008 and is $16,500 in 2009.
16500 Looks like the IRS just released the 401k max contributions for next year. Unfortunately they're staying the same at $16,500. Inflation is to blame, or rather lack thereof. Which is too bad for all us prodigious savers!
Looks like the IRS just released the 401k max contributions for next year. Unfortunately they're staying the same at $16,500. Inflation is to blame, or rather lack thereof. Which is too bad for all us prodigious savers!
Roth IRA contributions are not affected by 401k contributions in any way. The max contribution for 2008 was $5000 ($6000 if age 50 or above). This is of course assuming you fall within income requirements for a Roth IRA.
The MAX amount you can draw is 300k.
17000
For the general population, $16,500. If you're 50 or over you may be eligible for $5500 in catch up contributions.
Max Salazar died in 2010.
Max Cramer died in 2010.