Know Your 401(k) Contribution LimitsKnow Your 401(k) Contribution LimitsIn 2004, you can contribute up to $13,000 of your pretax salary per year to your 401(k) plan, plus an extra "catch-up" contribution of $3,000 if you're 50 or older. If your employer matches contributions, the total amount that you and your employer can contribute in 2004 cannot exceed $41,000 per year, or 100 percent of your annual compensation, whichever is less.
In 2004, you can contribute up to $13,000 of your pretax salary per year to your 401(k) plan, plus an extra "catch-up" contribution of $3,000 if you're 50 or older. If your employer matches contributions, the total amount that you and your employer can contribute in 2004 cannot exceed $41,000 per year, or 100 percent of your annual compensation, whichever is less.
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor.
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