The IRS announced 401k Limits for 2013. Most of the 401k limits will increase for 2012. However, other limits will remain the same.
For 401ks, your 401k administrator will now limit your 401k contributions to $17,500 in 2013. However, the catch-up contribution limit for those aged 50 and over remains unchanged at $5,500.
For 401ks with a profit sharing component, your 401k administrator will now limit your total 401k contributions to $51,000 in 2013. However, for those over 50 your 401k administrator will now limit your total contributions to $56,500 in 2013.
When calculating your matching or profit sharing contribution your 401k administrator may only use a maximum salary of $255,000 in 2013.
When trying to figure out whether your plan passed all of the non-discrimination testing, anyone who makes over $115,000 in 2013 will now be counted as a highly compensated employee.
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