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Employer 401K Savings Plan Before-Tax Contribution Limit The IRS limits your before-tax contributions for 2007 to $15,500. However, if you’ll be age 50 or older in this calendar year, you’re also eligible to make catch-up contributions of up to $5,000 for 2007. These limits apply to all 401(k) plans or similar plans you participate in during the calendar year. IRA Limits The IRS limits your 2007 contribution to $4,000 for the calendar year. If you are 50 or older as of 12/31/06 you can contribute an additional $1,000 a year in catch-up contributions. Don’t forget to claim this contribution in your taxes for the year. Comments1 Comment so far |
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I need to catch up, big time.