What is the maximum amount that I can contribute to my 401(k) plan?

Notify me of new answers

ANSWERS: 1

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.

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.

No comments
| Permalink | Share | 22

0
No comments

ABOUT ANSWERBAG

Answerbag wants to provide a service to people looking for answers and a good conversation. Ask away and we will do our best to answer or find someone who can.We try to vet our answers to get you the most acurate answers.

Answerbag | Terms of Service | Privacy Policy

RELATED QUESTIONS

RELATED TOPICS

ABOUT ANSWERBAG