Retirement - 401(k)
The most frequently asked tax questions related to Retirement - 401(k)
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Answer Tax Questions401(k), 403(b), 457 and TSP plans - Maximum Contribution limits
Asked Wednesday, January 15, 2014 by an anonymous user
The limit on employee elective deferrals is $18,000 for 2016.
The catch up contribution limit for employees 50 and over remains unchanged at $6,000.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.
401(k) - Catch Up amount
Asked Wednesday, November 01, 2000 by an anonymous user
Employees over age 50 are entitled to additional catch-up contributions of another $6,000
401(k) - Penalty
Asked Wednesday, October 18, 2000 by an anonymous user
If you are under age 59 and a half and do not roll over the distribution, then you will be subject to a 10% penalty in addition to the regular income tax on the distribution unless you meet one of these exceptions:
If you are disabled or pay substantial medical expenses with the distribution, or
if you are age 55 or older, you may not have to pay the penalty.
The penalty is calculated on IRS Form 5329.
If you are disabled or pay substantial medical expenses with the distribution, or
if you are age 55 or older, you may not have to pay the penalty.
The penalty is calculated on IRS Form 5329.
401(k) - Overview
Asked Wednesday, October 04, 2000 by an anonymous user
401(k) plans are designed to encourage long term retirement savings by employees. In some plans the employer may contribute a matching percentage to the employee's contribution amount.
401(k) plans must meet a variety of IRS rules.
401(k) plans must meet a variety of IRS rules.
401(k), 403(b), 457 and TSP plans - Maximum Contribution limits
Asked Friday, August 18, 2000 by an anonymous user
The limit on employee elective deferrals is $18,000 for 2016.
The catch up contribution limit for employees 50 and over remains unchanged at $6,000.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.
Generally, all elective deferrals made to all plans in which you participate are aggregated to determine if you have exceeded these limits.
