contributions

$500 Increase in 2013 401k and IRA Contribution Limits Makes a Real Difference at Retirement

4 comments

The IRS has provided a $500 increase in tax deductible 2013 401(k) and IRA contribution maximums. Employer sponsored 401k plan contribution maximums have risen from $17,000 to $17,500. IRA limits have risen to $5,500 from the 2012 maximum of $5,000. These increases may not seem like a lot at first glance but over a number of years with the effect […]

Read the full article →

Over Contributed to Your 401k, IRA or Roth IRA? Correct Excess Contributions To Avoid a Tax Penalty

2 comments

The article below shows what options you have if you mistakenly over contributed to your employer 401k plan or IRA. Over Contributed to Employer Sponsored 401(k) Plan Firstly, congratulations on having reached your annual maximum contribution. But over contributing to your 401k (or IRA plan as discussed below) subjects you to the potential of double taxation and/or a penalty. An […]

Read the full article →