Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
From http://www.401khelpcenter.com/cw/cw_egtrra.html:

Elective deferral limits (401k, 403(b), and 457) to $11,000 in 2002, then increased $1,000 each year till $15,000 in 2006, and then indexed in $500 increments.

The qualified plan catch-up contribution for people age 50 or older will be $1,000 in 2002, then increased each year by $1,000 until $5,000 in 2006, and then indexed in $500 increments.

----------------

The dollar limits are set by the "The Economic Growth and Tax Relief Reconciliation Act of 2001." So the $14K cannot be (and is not) based on any one individual's income and it doesn't vary from one person to another. The percentage of your gross you are allowed to contribute is set by your employer; it is more likely to be dependent on the income distribution in your company than anything else AFAIK. http://www.401khelpcenter.com is a fairly comprehensive resource.
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.