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Limits for 401K contributions

November 20th, 2007 · 4 Comments

  

401K Maximum contribution limits for F/Y 2004-06

The contribution limits towards 401K account are associated with your salary, government guidelines in vogue and you plan. In simple words, your contribution limit means lower of the optimum amount your company allows as a salary percentage. The existing guidelines issued by the federal government are:401K Maximum contribution limits

  • 2004: $13,000
  • 2005: $14,000
  • 2006: $15,000

Apart from above maximum contribution limits, certain companies offer “catch-up” contribution limits under 401K plan, especially for those employees who are more than 50 years of age. This enable the employees to contribute more than their maximum contribution limit towards their 401K plan. The existing 401K maximum catch-up limits of contribution are:

  • 2004: $3,000
  • 2005: $4,000
  • 2006: $5,000

These maximum contribution limits are revised on the basis of cost of living.

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4 responses so far ↓

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