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I have heard your pre-tax contributions to a 401(k) plan are limited to 15 percent (including your employers match) of your gross annual income. Also, there are supposed to be tax penalties if you do exceed the 15 percent limit.

Is there any truth to this??

There is absolutely no truth to this. The IRS Rules on Employee Pre-Tax Contributions are $10,000.00/yr. This figure is indexed, and can and has changed from year to year. Your Plan may have limits that keep you from getting close to this figure. If that is the case, lobby your Plan Administrator for an answer why.
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