2009 Tax Law Changes You Need to Know (Page 2 of 13)
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New Tax Rule #1: New Contribution Limits to Qualified Retirement Plans
You know that one of the smartest money moves you can make is to fully fund your tax advantaged retirement account.
Well, the maximum contributions have increased for 2009. You can now contribute $5,000 to your IRA if you are less than 50 years old. Those of us age 50 and over get to contribute $6,000. The new 2009 maximum contribution for 401(k), 403(b) and 457 plans is $16,500. If you are age 50 and over, it's $22,000.
See, age does have its benefits!
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