401K and IRA Limits
Date : September 6, 2005
The maximum pre-tax amount one can contribute each year to 401(k), 403(b), and 457 plans as determined by the IRS:
Year Age<50 Age>50 2005 $14,000 $18,000 2006 $15,000 $20,000
After 2006, the maximum pre-tax contribution limit is indexed in $500 incrememnts for inflation.
Traditional and Roth IRA Limits:
Year Age<50 Age>50 2005 $4,000 $4,500 2006 $4,000 $5,000 2007 $4,000 $5,000 2008 $5,000 $6,000
The contribution limits presented above for traditional and Roth IRA are scheduled to expire Dec 31, 2010 unless legislation is enacted to extend them.
Tags:
Money