IRS May Reduce Maximum 401K Contributions

By: Channel 6 News Email
By: Channel 6 News Email

The IRS may have to reduce the maximum amount that you can contribute to your 401k next year by $500, down to $16,000.

The IRS ties the contribution amount to the inflation rate in the third quarter year to year.

Inflation has been down, and unless there's a price jump this month and next, that fact will reflect in your contribution allowance.

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