401(k), 403(b), and 457(b) Contribution Limits for 2009
As a followup to my earlier article about Traditional and Roth IRA contribution limits, I wanted to point out that the contribution limits for 401(k), 403(b), and 457(b) accounts are changing for 2009. While the limit on elective deferrals remained steady at $15,500 from 2007 to 2008, it’s rising to $16,500 in 2009. Individuals that will be 50 or older by the end of 2009 can make an additional $5,500 in contributions (up from $5,000 in 2008), bringing their total to $22,000. On top of this, the aggregate limit (also referred to as the 415(c) limit), which applies to employee plus employer contributions, is increasing from $46,000 to $49,000.




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Comment by Penny Pinching Mom — Dec 8th 2008 @ 4:10 pmMeh,
if hyperinflation hits, then the money they saved extra will be useless.
Comment by Trevor — Dec 8th 2008 @ 6:38 pmI heard that there are income limitation on tax-benefits on IRA contributions. Do IRA contributions phase out from being tax deductible at higher salaries?
Comment by AJ — Dec 9th 2008 @ 9:57 amI have been searching the IRS website to verify the 2009 limits. Publication 571 seems to only discuss annual elective limits through 2008 or did I miss it?? Where on the IRS website can I get the limits for 2009 for 403b?
Thanks
Comment by Sue — Jan 20th 2009 @ 12:35 pmSue
Just found out I owe $1500 to federal for taxes on 2008 income. May I make a deposit to my 403 now and reduce those taxes or is it too late?
Comment by Patty — Mar 8th 2009 @ 11:45 am