IRS 401k Contribution Limits for 2008, 2007, 2006, 2005 and 2004
We have provided you with the contribution limits to your 401 (k) plan for the years 2004, 2005, 2006, 2007 and 2008 as they are established by the IRS (the Internal Revenue Service).
Many of the pension plan limitations for 2008 (announced by IRS in October, 2007) have been changed due to the increase in the cost-of-living index and the resulting necessary adjustments. However, the 401k limit remains unchanged at $15,500 for 2008. For those above the age of 50 the annual catch-up contribution limit remains $5,000.
You should have in mind that these limitations are subject to further change by the company you work for, but the amount should not exceed the stated below.
| Year | 401k Contribution Limit | Catch-Up Contribution Limit* |
|---|---|---|
| 2008 | $15,500 | $5,000 |
| 2007 | $15,500 | $5,000 |
| 2006 | $15,000 | $5,000 |
| 2005 | $14,000 | $4,000 |
| 2004 | $13,000 | $3,000 |
*for people above the age of 50
You should have in mind that the specified amounts above are not affected by the contributions your employer has made.
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