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Frequently Asked
Questions
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| Q: | What is the maximum amount I can contribute to my 401(k)? | ||
| A: | Under 50: | Over 50: | |
| 2004 - 13,000 | 2004 - 16,000 | ||
| 2005 - 14,000 | 2005 - 18,000 | ||
|
|
2006 -
15,000
|
2006 - 20,000
|
|
| Q: | How much can I contribute to my traditional or Roth IRA? | ||
| A: | Under 50: | Over 50: | |
| 2004 - 3,000 | 2004 - 3,500 | ||
| 2005 - 4,000 | 2005 - 4,500 | ||
| 2006 - 4,000 | 2006 - 5,000 | ||
| 2007 - 4,000 | 2007 - 5,000 | ||
| 2008 - 5,000 | 2008 - 6,000 | ||
|
|
2009 -
5,000
|
2009 - 6,000
|
|
| Q: | How much can I contribute to my SIMPLE IRA? | ||
| A: | Under 50: | Over 50: | |
| 2004 - 9,000 | 2004 - 10,500 | ||
| 2005 - 10,000 | 2005 - 12,000 | ||
| 2006
- 10,000
|
2006 -
12,500
|
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| Q: | How much can I contribute to my SEP IRA? | ||
| A: | SEP IRAs are a bit more complex but, in general, are limited to 25%; however, limits do apply: | ||
| 2004 - 41,000 | |||
| 2005 - 42,000 | |||
Amy R. Cook, PC
1514 Corona Drive Austin, TX 78723
512.419.9696 / 512.233.1085 fax
amy@acookcpa.com
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Copyright© 2008 Amy R. Cook, PC