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What is the 401k annual compensation limit?

401 (k) income limits For 2021, the IRS limits the amount of compensation eligible for 401 (k) contributions to $290,000. The IRS adjusts this limit every year based on changes to the cost of...

What is a 401k plan?

A 401 (k) is a defined contribution plan. The employee and employer can make contributions to the account up to the dollar limits set by the Internal Revenue Service (IRS). A defined contribution plan is an alternative to the traditional pension, which is known in IRS lingo as a defined-benefit plan.

What is 401k compensation?

A 401(k) plan is a tax-deferred compensation plan structured to supply employees with income when retired. That means an employee can elect to contribute a portion of their compensation into this retirement plan on a pre-tax basis. Since this is tax-deferred compensation, a 401(k) can act as a tax shelter.


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