Saturday, January 06, 2007

Maximum Retirement Account Contributions for 401ks, IRAs, etc....for 2007

I put this together as a convenient reference to the maximum contribution limits for various retirement programs.

You can find useful information at the IRS's website here and here.

Here's a summary of the most useful information:

These are the maxium contributions for various retirements accounts in tax year 2007.

401k, 403b and SARSEP (these are defined contribution programs):
$15,500 for salary deferal (pre-tax money from your paycheck)

Catch-up contributions of up to $5k can be made.

The total contribution (inluding company match and profit share) is $45,000.

Traditional Pension
The maximum annual benefit for a pension plan (defined benefit) is $180,000.

SEP IRA (more details)
The maximum total contribution to a SEP is limited to the lesser of 25% of income or $45,000.
(small business owners with SEPs can issue matches and profit shares to their sep - but cannot exceed the aforementioned limits.)

Simple IRA
$10,500 salary deferal with a $2,500 catch-up

457 programs

Traditional IRA
(over 50) $5,000

Social Security Taxable Income Limit (6.2% paid by both employee and employer)
(this is per job)

Have a great weekend,

1 comment:

Anthony Samir said...

Thanks! What if you have multiple plans? Let's say you have a 403(b) form work and your own solo 401(k)