What is the maximum amount that I can contribute to my 401(k) plan?
The maximum amount an employee can contribute to a 401(k) plan is determined annually. You may be allowed catch up contributions in addition to annual limit, if you are age 50 or older. Refer to “Elective Deferrals” in Publication 525, Taxable and Nontaxable Income. The maximum amount applies to an employee’s aggregate pre-tax contributions to a 401(k) plan and 403(b) plan. There are several different limits that apply to a 401(k) plan in addition to the overall contribution limit. These limits, your salary, and the type of 401(k) plan to which you are contributing may limit your 401(k) contributions to a lesser amount. The rules for retirement plans are complex. Your plan administrator should have written information about your particular plan that explains these limitations as well as other regulations that apply. For further information, refer to Tax Topic 424, 401(k) plans.
The rules for retirement plans are complex. Your plan administrator should have written information about your particular plan that explains the limitations imposed by law as well as other limitations that apply under the plan: • The maximum amount an employee can contribute to a 401(k) plan is set each year. • If you are age 50 or older, you may be allowed to make additional contributions (commonly referred to as catch-up contributions) in addition to annual limit. • The maximum amount applies to an employee’s aggregate pre-tax contributions to a 401(k) plan and 403(b) plan. • There are several different limits that apply to a 401(k) plan in addition to the overall contribution limit. • These limits, your salary, and the type of 401(k) plan to which you are contributing may limit your 401(k) contributions to a lesser amount.
The maximum amount an employee can contribute to a 401(k) plan is determined annually. You may be allowed catch up contributions in addition to annual limit, if you are age 50 or older. Refer to “Elective Deferrals” in Publication 525,Taxable and Nontaxable Income. The maximum amount applies to an employee’s aggregate pre-tax contributions to a 401(k) plan and 403(b) plan. There are several different limits that apply to a 401(k) plan in addition to the overall contribution limit. These limits, your salary, and the type of 401(k) plan to which you are contributing may limit your 401(k) contributions to a lesser amount. The rules for retirement plans are complex. Your plan administrator should have written information about your particular plan that explains these limitations as well as other regulations that apply.
According to the IRS, “The maximum amount an employee can contribute to a 401(k) plan is determined annually. You may be allowed catch up contributions in addition to annual limit, if you are age 50 or older. Refer to “Elective Deferrals” in Publication 525,taxable and Nontaxable Income. The maximum amount applies to an employee’s aggregate pre-tax contributions to a 401(k) plan and 403(b) plan. There are several different limits that apply to a 401(k) plan in addition to the overall contribution limit. These limits, your salary, and the type of 401(k) plan to which you are contributing may limit your 401(k) contributions to a lesser amount. The rules for retirement plans are complex. Your plan administrator should have written information about your particular plan that explains these limitations as well as other regulations that apply. For further information, refer to Tax Topic 424,401(k) plans. ” Can I withdraw funds penalty free from my 401(k) plan to purchase my first home? Accor
For 2008, the maximum amount anyone can contribute to a 401(k) plan is $15,500 and for those over 50, $5,000 catch-up contribution. There are several different limits that apply to a 401(k) plan in addition to the overall contribution limit. The maximum you can contribute will depend on your salary and the type of 401(k) plan to which you are contributing. The rules for retirement plans are complex. Your plan administrator should have written information about your particular plan that explains these limitations, as well as other regulations that apply. Return to index . . .
