What are the 2006 401k Limits?
The IRS raised the 2006 401k limits to $15,000. This is up from the 2005 401k limits of $14,000.
If you are over 50 years old, you may also contribute an extra $5000 to your 401k as that is the 2006 catch-up contribution limit. This is also up from the 2005 catch-up contribution limit of $4000.
401k limits
| Year | Annual 401K Contribution Limits | Catch-up Contribution |
| 2002 | $11,000 | $1000 |
| 2003 | $12,000 | $2000 |
| 2004 | $13,000 | $3000 |
| 2005 | $14,000 | $4000 |
| 2006 | $15,000 | $5000 |
| 2007 | Indexed to Inflation | Indexed to Inflation |
2006 401k limits. I understand the $15,000 but is that per person per company? In case I will have put $12,000 in one company’s 401k. I switched companies in June, can I put another $15,000 in my new company’s 401k of am I limited to only the remaining $3000 out of the total $15,000.
Comment by Jay Dahlke — June 12, 2006 @ 10:52 pm
It doesn’t matter how many companies you work for. The limit is per person.
When you get your W2’s, the amount you contribute will be on them. If you contribute more than $15,000, the IRS will know. I am not sure what they would do.
Comment by Rob — June 13, 2006 @ 6:17 am