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Financial Planning / Foolish 401(k)s
|Subject: Re: 401k and 403b limits||Date: 6/22/2012 9:49 PM|
|Author: aj485||Number: 24899 of 25278|
At the beginning of this month I started a new job at an academic establishment who offer an employee 403(b), and I'd like to figure out what % I can contribute for the rest of the year. I know that the 403b limit is $17k, the same as the 401k limit, but are they combined?
The way I read this article http://www.irs.gov/newsroom/article/0,,id=248482,00.html
The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $16,500 to $17,000.
The catch-up contribution limit for those aged 50 and over remains unchanged at $5,500.
The limitation under Section 402(g)(1) on the exclusion for elective deferrals described in Section 402(g)(3) is increased from $16,500 to $17,000.
the total one person is allowed to defer across all covered plans in 2012 is a total $17,000, plus $5,500 for a catch-up contribution if you are 50 or older.
Any answers or suggestions of where to look would be greatly appreciated.
You can ask over on the Tax Strategies board to get answers from tax pros.
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