Contribution limitations for 401K and 403B combined - for two incomes family connections?
If a married couple have seperate 401K and 403B retirement accounts offered by their employer - what are the respective (combined) contribution boundaries ? Is it $15,500 respectively or double this amount ?
Thanks.
Answers:
The 401k and 403b edges are per hand, not combined for a married couple.
Limits for 2007 are $15,500 respectively for those below 50, or $20,500 if you're over 50;
for 2008 $16,000 for underneath 50, $21,000 if you're 50 or elder
Go here:
http://www.irs.gov/app/scripts/retriever...
and select publication 571.
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Thanks.
Answers:
The 401k and 403b edges are per hand, not combined for a married couple.
Limits for 2007 are $15,500 respectively for those below 50, or $20,500 if you're over 50;
for 2008 $16,000 for underneath 50, $21,000 if you're 50 or elder
Go here:
http://www.irs.gov/app/scripts/retriever...
and select publication 571.