Q:

What was the limit in 2014 for 401k contributions?

A:

Quick Answer

The 401(k) contribution limit for traditional and safe harbor elective deferral plans was $17,500 in 2014, according to the Internal Revenue Service. For a SIMPLE 401(k) plan, the limit was $12,000. Someone 50 and older could add another $5,500 for an elective plan and $2,500 for a SIMPLE plan.

Continue Reading
What was the limit in 2014 for 401k contributions?
Credit: c-George iStock / Getty Images Plus Getty Images

Full Answer

The additional allowances for those 50 and older are part of a catch-up program, allowing people nearing retirement to increase contributions, notes the IRS. Contribution limits are reviewed and often adjusted by the IRS on an annual basis due to cost-of-living changes. The elective deferral plan maximum was raised to $18,000 in 2015, and the SIMPLE plan limit was raised to $12,500.

Learn more about Income Tax
Sources:

Related Questions

Explore