Save time with our cheat sheets, fact sheets, checklists & books!

December 21, 2013

Salary Deferral Contribution Limit for 2014

Share on print
Print
Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

The amounts that you can contribute as salary deferrals to a 401(k), 403(b) or Thrift Savings Plan is $17,500, for the year 2014. If you are at least age 50 by the end of the year, you can contribute an additional $5,500. For SIMPLE IRAs, the salary deferral limit is still $12,000, and you can contribute an additional $2,500 if you are at least age 50 by the end of the year.

If you participate in multiple employer retirement plans, your aggregate salary deferrals to all of these plans cannot exceed a total of $17,500, plus $5,500 if you are at least age 50 by the end of this year. This does not include governmental 457(b) plans. As such, if you participate in a 401(k) plan and a governmental 457(b) plan, you can make salary deferrals of $17,500 (plus the $5,500 if you are at least age 50 by year-end) to each plan.

by Denise Appleby

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Share on print
More

Keep Learning

Annual Benefit Limit

Definition The annual benefit limit for defined benefit plans is the lesser of: A) 100% of the participant’s average compensation for his or her highest

Be among the first to know when

IRA Rules
Change