what is the max amount you can contribute to a 401k for 2006?if you are under 55 years old?

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what is the max amount you can contribute to a 401k for 2006?if you are under 55 years old?

2006-07-07 17:20:02 · 2 answers · asked by john e 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

$15,000. If you are 50 or older, you may make additional "catch-up" contributions totaling $5,000.

2006-07-07 17:27:35 · answer #1 · answered by VinTek 7 · 1⤊ 0⤋

$15,000 is the maximum you can defer based on IRS limits (catch up deferrals allowed for people 50 and over). However, each 401(k) is set up differently, and your particular plan can have its own maximums set at a lower rate then the IRS. Best to check with your Plan Administrator (ask your HR representative who it is).

2006-07-12 15:36:25 · answer #2 · answered by sjoschko 3 · 0⤊ 0⤋