What is the 401k maximum contribution for 2008?
"the limitation under Section 402(g)(1) on the exclusion for elective deferrals described in Section 402(g)(3) remains unchanged at $15,500. This limitation affects elective deferrals to Section 401(k) plans and to the Federal Government's Thrift Savings Plan, among other plans." http://www.irs.gov/newsroom/article/0,,id=174873,00.html
Does the 401K contribution limit for 2008 include employer matching contributions or is the limit only on employee contributions?
For the 2010 tax year, the combined maximum contribution you can make to all of the 401k plans that you participate (assuming you have more than one employer during the tax year) is the lower of: (1) the maximum percentage all of your plans allow, or (2) $16,500. For example if you participate in one plan and you will make $50,000 in 2010, and your maximum percentage your plan allows is 10%, your maximum allowed…
The 401(k) maximums for 2009 was established based on a cost of living adjustment. The 2009 Basic maximum 401K contribution amount is set at $16,500. Catch up contributions allow a maximum of an additional $5,500. Catch up contributions would bring the total to $22,000 but you must be 50 years old and above for the additional allowed contribution amount. The 401k Basic maximum contribution figure is also true for the 403b (used by non-profits and…
The 401(k) contribution limit for is $16,500 for those under 50 years old. For anyone between the ages of 50 and 59 ½ years old you also have the option of contributing an additional $5,500 as a catch-up contribution. The IRA contribution limit for is $5,000 for those under 50 years old, with a $1,000 catch-up contribution option for those between 50 and 59 ½ years old.
Yes, 2 separate things (accounts). The 401K investing doesn't affect the contribution amount allowed into the IRA. However, if you are contributing to a 401k, you are an active participant in a retirement plan at work. If your modified Adjusted Gross Income exceeds a certain amount, there are limits on how much you may deduct for a contribution to a traditional IRA. You may still make a full non-deductible contribution, however.
There is no limit set by IRS on a per month basis, however there is an annual limit to your contributions. Some employers do create restrictions on how much of your salary you can contribute, but that varies from employer to employer. Assuming that you want to maximize your 401k for the year and you want to contribute an even amount per month, then you would contribute $16,500/12 = $1,375 per month. This does not…
one benefit is that you don't have to pay income taxes on the money contributed to the account or any growth it experiences until you withdraw the funds. another benefit may be available to you with a 401k plan is a contribution match by your employer. with this benefit comes the term "vested". this refers to the amount of your employers contribution that you are entitled to should you leave the company.
To determine your 401K balance, allocation, and contribution history, you should first contact your Human Resources Department. They will most likely direct you to an online portal for your Plan Sponsor. If you have not accessed this information before, you may need to register for this access. Upon receiving a log-in and Password, you should be able to track your 401K information as often as you like.