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401(k), 403(b), and 457(b) Contribution Limits for 2009

Written by Nickel - 7 Comments

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.

Published on December 8th, 2008 - 7 Comments
Filed under: Retirement

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7 Responses to “401(k), 403(b), and 457(b) Contribution Limits for 2009”

  1. 1
    Penny Pinching Mom Says:

    I just discovered your blog today and I really like it. I have a brand new online budget keeping system. If you want to check out my website, it’s http://www.simplymybudget.com

  2. 2
    Trevor Says:

    Meh,

    if hyperinflation hits, then the money they saved extra will be useless.

  3. 3
    AJ Says:

    I heard that there are income limitation on tax-benefits on IRA contributions. Do IRA contributions phase out from being tax deductible at higher salaries?

  4. 4
    Sue Says:

    I 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
    Sue

  5. 5
    Patty Says:

    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?

  6. 6
    Jeanie Says:

    I understand the contribution limits of a 457 for 2009.
    However, how is it limited as a highly compensated employee? Thanks, Jeanie

  7. 7
    Curtis Chalmers Says:

    There is also a $3,000 life time catch up amount, bringing the potential contribution maximum to $25,000.

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