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401(k) Maximums in 2009

Q. What’s the maximum that I can contribute to my 401(k) plan for 2009?

A. The Internal Revenue Service has raised the maximum contribution employees can make to their defined contribution plan to $16,500 for 2009, up from $15,500 permitted for 2008. Workers age 50-plus can also contribute a “catch-up” of $5,500—for a maximum of $22,000.

Source: Internal Revenue Service

 

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