3433-vol. 6 issue 2-3.pmd - iarfc
3433-vol. 6 issue 2-3.pmd - iarfc
3433-vol. 6 issue 2-3.pmd - iarfc
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60<br />
Journal of Personal Finance<br />
Table 1<br />
Qualified Plan and IRA Contribution Limits for 2007 and 2008<br />
Benefit Limits for Defined Benefit Retirement Plans<br />
Year Maximum Benefit<br />
(may not exceed the lesser of)<br />
2007 $180,000<br />
2008 $185,000<br />
Contribution Limits for Defined Contribution Retirement Plans<br />
Year Annual Limit Maximum Amount<br />
on Contributions of Compensation<br />
2007 $45,000 $225,000<br />
2008 $46,000 $230,000<br />
Contributions to Qualified Retirement Plans<br />
Year 401(k), 403(b), 457, SEP SIMPLE<br />
Contribution Limit Contribution Limit<br />
2007 and after $15,500 $10,500<br />
Additional Catch-Up Contributions for Taxpayers Age 50 and Older<br />
Year 401(k), 403(b), section SIMPLE<br />
457, SEP Catch-Up Catch-Up<br />
Contribution Contribution<br />
2007 and after $5,000 $2,500<br />
Traditional IRA or Roth IRA<br />
Year Maximum Catch-Up<br />
Contribution Contribution(Age 50+)<br />
2007 $4,000 $1,000<br />
2008 and after $5,000 $1,000<br />
©2008, IARFC All rights of reproduction in any form reserved.
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