Contributions (2004 IRS FAQ)

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

IRS FAQ 5.2 Pensions and Annuities: Contributions



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

For 2004, the maximum amount an employee can contribute to a 401(k) plan is $13,000 except for catch-up contributions for employees age 50 or over (see the next topic). 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 401(k) Plans, 401(k) plans.

References:

Source: IRS.gov

Personal tools