401K question-A couple of questions?
401K question-A couple of questions?
Is the 15K limit per person or per couple? And, is the employer match outside the per person limit?
Answers:
Chosen Answer
westsaeed: The limit of $15,500 for 2007 is per employee, not household, and it doesn't count what your employer contributes. The purpose of the limit is to reduce your deductions and pay more tax, not to limit what you wind up with, so your employer's contributions don't come into play.
2008-01-19 10:52:02
westsaeed: The limit of $15,500 for 2007 is per employee, not household, and it doesn't count what your employer contributes. The purpose of the limit is to reduce your deductions and pay more tax, not to limit what you wind up with, so your employer's contributions don't come into play.
2008-01-19 10:52:02