401k and 403b Plans

According to the IRS.gov site the the maximum contribution limit for 2009 is $16.500. If your friend contributes the maximum this about would be subtracted from her taxable income. The amount she saves would depend on her tax rate. The most current tax rates I found on the IRS site can been seen by clicking the link provided.

You can have as many 401k plans and IRA's as you would like. However, to have a 401k plan, it has to be through your employer, and there are limits to what you can put in.

With an IRA, you can have several of them but there really isn't much of a point as it will just confuse your financial plan.

A good tool to lump all of your assets together to see how they could perform can be found at:

erollover.com/go/managemr1

The 2009 Annual Compensation limit is $245,000 Compensation Limit to be defined an HCE (Highly Compensated Employee) $110,000 Edit: I believe this is what you are looking for other limits for 2009: Maximum Pre-Tax Contribution $16,500 Maximum Catch Up Contributions for age 50 and older $5,500

You still own it.

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.

Keeping your 401k statements is always a good idea. Weather you are using them to track the past performance of your portfolio, or just to keep for your records. However most 401k record keepers allow you to generate statements online. So if you were to through them out, or misplace them you could generate a new one online, or call your customer service number to have copies of the statements sent to you.

They are entitled to half of your 401k assets.

New Annual Contribution Levels for HSAs: * For 2009, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,000. * For family coverage, the maximum annual HSA contribution is $5,950. * Catch up contribution for individual who are 55 or older is increased by statute to $1,000 for 2009 and all years going forward. * Individuals who are eligible individuals on the first day of the last month of the taxable year (December for most taxpayers) are allowed the full annual contribution (plus catch up contribution, if 55 or older by year end), regardless of the number of months the individual was an eligible individual in the year. For individuals who are no longer eligible individuals on that date, both the HSA contribution and catch up contribution apply pro rata based on the number of months of the year a taxpayer is an eligible individual. New Amounts for Out-of-Pocket Spending on HSA-Compatible HDHPs: * For 2009, the maximum annual out-of-pocket amounts for HDHP self-coverage increase to $5,800 and the maximum annual out-of-pocket amount for HDHP family coverage is twice that, $11,600. Minimum Deductible Amounts for HSA-Compatible HDHPs: * For 2009, the minimum deductible for HDHPs increases to $1,150 for self-only coverage and $2,300 for family coverage.

did you cash in the 401k? taxes would already be taken out if so. but you do have to do it again when tax season comes about. they won't make you pay more but you have to show it

I would think not, for the simple reason you hav`nt paid any tax on the money to start with.

If you change companies you can only contribute the maximum of $16,500 combined in both plans. It is up to you to keep track of how much you have contributed. Some companies, as a courtesy will ask when you join the new company if you contributed to any other 401k plans during the year, and how much you have contributed. In that case they will keep track of the money you put into their plan, along with the past plans contributions so you do not go over the limit, wich means you having to receive a refund, having to postpone filing your taxes, and usually some sort of fee.

According to "My Money Blog" the maximum amount for a 403b increases to $16,500 for 2009.

http://www.mymoneyblog.com/archives/2009/01/2009-401k-403b-maximum-salary-contribution-limits.html

You may take the entire vested amount less taxes and penalties. On a loan against the 401k the rule is you may borrow 1/2 of your vested amount, but if you lose or change jobs that balance becomes due immediately and if you don`t pay it they will use the remaining 1/2 to pay the balance owed. Then you have nothing but now owe taxes and penalties on the whole vested amount because the account is closed.

Yes it does, your employer should have already subtracted this amount from your earnings, and specified it in a separate space on your w-2. Your gross earnings for the year should have already been reduced by the untaxable amount. You do not subtract it again.

Is your question can you have both a ROTH and Traditional IRA? If so, yes you can.

It is considered part of the estate for the purpose of determining estate tax. It is owned by the decedent if that person had the right to change the beneficiary up until the moment of his or her death. It may pass outside of a probate estate, however, if there is a valid beneficiary designation. State law should also be considered.

Nothing they are exempt form seizure.

Yes. U can have as many retirement accounts as you want. Many people have multiple

Not being an expert I would first contact the Plan Administrators (where the account is held) and seek advice. If they are no help try your states Dept of Banking and Insurance, State IRS if necessary and begin looking for work elsewhere, Good Luck

confidentiality

Old statements, IRS, after all the IRS allowed you not to pay taxes on that money so they should have verification as to where it went.

The annual contribution limit for a 529 college savings plans is set by the federal gift-tax exclusion limit. As of 2008, the current limit is $12,000. There is a one-time exception, for parents/sponsors who want to make a large deposit. A parent may make up to five years of contributions in a single year, provided that no further contributions are made in that period. This means that each parent can invest $60,000 or up to $120,000 in total, with a single deposit, and without incurring any tax penalties, provided they do not add any additional money to the 529 plan for the next five years. In addition, each plan has a maximum contribution limit, which regulates how much money can be deposited into the account. The limit applies to deposits, not to the account value, so the future growth of your savings does not reduce the amount you can contribute. The limits vary from state to state, but on average they are about $250,000, check with your 529 plan manager or state treasurer's department to find the limit for your plan, or you can visit Morningstar.com, which lists the limit for each plan in its online 529 reference table.

If you do not pay back you 401k loan, it will be looked at as a withdrawal. Which means not only will you be taxed on that money this year, you will also have to pay a penalty for early withdrawal.

No