401K Married Contribution question


R

Rob Use

Dumb question - can my wife and I BOTH contribute 13K to our 401K
plans (26K total) this year, or can we only put in a combined 13K for
maximum benefit?
 
Ad

Advertisements

A

Arthur L. Rubin

Rob said:
Dumb question - can my wife and I BOTH contribute 13K to our 401K
plans (26K total) this year, or can we only put in a combined 13K for
maximum benefit?
401K limits are individual. Although I'm not sure exactly
where you got 13K (are you both over 50), each of is limted
by that overall limit and your respective incomes.

But it's not a dumb question.
 
P

Paul A Thomas

Rob Use said:
Dumb question - can my wife and I BOTH contribute 13K to our 401K
plans (26K total) this year, or can we only put in a combined 13K for
maximum benefit?
A 401K is an individual plan. Any limits are established
and controlled at the individual level. There are no
"married" limits.
 
P

Phil Marti

Dumb question - can my wife and I BOTH contribute 13K to our 401K
plans (26K total) this year
Yes, assuming that $13K is the correct individual limit. (I
gave up trying to keep up with Congress years ago.)

Phil Marti
Topeka, KS
 
D

David Woods, EA, ChFC, CLU

Rob Use said:
Dumb question - can my wife and I BOTH contribute 13K to our 401K
plans (26K total) this year, or can we only put in a combined 13K for
maximum benefit?
Each person makes their OWN contributions.
 
H

Herb Smith

Dumb question - can my wife and I BOTH contribute 13K to our 401K
plans (26K total) this year, or can we only put in a combined 13K for
maximum benefit?
Assuming you BOTH work for companies that have 401k plans,
you can each fund your individual plan to the maximum
allowed by the plan.
 
B

Brian

Arthur L. Rubin said:
401K limits are individual. Although I'm not sure exactly
where you got 13K (are you both over 50), each of is limted
by that overall limit and your respective incomes.
The regular limit for 2004 is $13,000. It's $16.000 if you
are over 50.

Brian Bivona
 
Ad

Advertisements

A

Arthur L. Rubin

The regular limit for 2004 is $13,000. It's $16.000 if you
are over 50.
I guess I was off by a year on the 401(k) limit schedule.
Sorry about that.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top