Tag Archives: catchup contributions 2014
On October 31, 2013 the IRS declared the 401k contributions limits for 2014. As the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment, most of the pension limitations such as those governing 401k plans and IRAs will remain unchanged. However, other pension plan limitations will increase for 2014 as follows:
2014 401k Contributions Limits
- Those who will be participating in 401K plan, 403(b), most 457 plans, and the federal government’s Thrift Savings Plan in 2014 will be able to save up to a maximum of $17,500 this year.
- You can save a maximum up to $17,500 in elective salary deferrals that remains unchanged from 2013.
- In addition, you can save an additional $5,500 in “catch-up contributions” if you are age 50 or older. (unchanged from last year)
- There is a little change in your Total contributions (employee’ s Contribution plus employer’s matching contributions). The Total contribution limits has been imcreased to $52000 from $51000 in 2013.
The 401K Limit is applied to all your 401K accounts combined. If you switched jobs and worked in 2 or more jobs in a particular calender year, you have to make sure that the total of all those 401K contributions is not exceeding the 401K limit of $17500 for the year 2014.
Contributions Limits 2014 for SIMPLE 401k and SIMPLE IRA
SIMPLE 401k and SIMPLE IRA plans have a lower limit than traditional 401k plans. It will also stay the same at $12,000 in 2014 unchanged from 2013.
2014 Contribution Limit for Traditional and Roth IRA
Traditional and Roth IRA contribution limit will also stay the same at$5,500 in 2014.