If filing married (joint or separate), enter combined amount for you and your spouse. Enter your Fixed Date Conformity (FDC) additions, if applicable. If filing married (joint or separate), enter combined amount for you and your spouse. Enter your Fixed Date Conformity (FDC) subtractions, if applicable. If filing married (joint or separate), enter combined amount for you and your spouse.
Savers and investors aged 50 or older can take advantage of a catch-up contribution, effectively increasing the limit for those approaching traditional retirement age. In 2015, taxpayers who meet this age-based criterion can contribute an additional $6,000 above the regular maximum of $18,000.y the end of the year, I expect to have maximized the employee portion of my 401(k) contributions at $16,500 with extra invested for the employer portion. My 2010 contributions fell short from the maximum by about $700, and a portion of that is due to leaving the company in the middle of December.
A 401(k) is a retirement account. It is different from some other retirement accounts because they allow capital gains, dividends and interest to grow tax-free (or tax-deferred). However, there are limits on how much you can contribute and restrictions on when and how much you can take out. It is an employer-sponsored retirement plan. Your contributions are deducted from your paycheck. The 2014 contribution limit to this plan is $17,500 for employees under age 50.