IRS raises annual 401(K) contribution limits
from The Inquisitr
The Internal Revenue Service (IRS) has announced that workers will be able to contribute more money to their 401(k) retirement plans in 2012 if they choose to do so. Under the new 401(k) structure, employees in 2012 will be able to contribute up to $17,000 without paying upfront taxes. The $500 increase over 2011 ceiling limits is meant to adjust for inflation and was required by law. An increase in the ceiling had not been witnessed since 2009 because inflation was too low to trigger the increase.
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