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Traditional & Simple 401k / Roth IRA Contribution Limits Trivia

(September 28th, 2008)

This trivia will quiz you on the concepts explained in the notes on the right sidebar of the website. If there is any question you do not understand, it is advised to refer to the right sidebar for explanation. After selecting your answers, choose the "Grade Me!" button at the bottom to know your result & the right answers.

1) What is the maximum 401k contribution limit for 2008?
a) $15,000
b) $15,500
c) $16,000
d) $17,000

2) What is the maximum Roth IRA contribution limit for 2008?
a) $4000
b) $4500
c) $5000
d) $5500

3) What is the maximum Simple 401k contribution limit for 2008?
a) $8000
b) $9000
c) $10,000
d) $11,000

4) After 2008, the maximum Roth IRA contribution limits will be incremented by $____ a year?
a) $500
b) $600
c) $700
d) $800

5) You are allowed to make Spousal Roth IRA contributions on behalf of your spouse?
a) True
b) False

6) If you contribute only $2000 towards your Roth IRA in 2006, what is your maximum Roth IRA contribution limit for 2007?
a) $4000
b) $5000
c) $6000
d) $7000

7) What is the salary deferral contribution limit for a Small Business 401k for 2007?
a) $14,000
b) $14,500
c) $15,000
d) $15,500

8) What is the maximum Employer matched contribution limit for a Small Business 401k for 2007?
a) $17,000
b) $18,000
c) $19,000
d) $20,000

9) What is the maximum contribution limit to a Simple IRA for 2007?
a) $10,000
b) $10,500
c) $11,000
d) $11,500

10) Combined salary-deferral & profit-sharing contributions for Small Business 401k plans cannot exceed $________ for 2006 and $________ for 2007.
a) $40,000 and $41,000
b) $42,000 and $43,000
c) $44,000 and $45,000
d) $46,000 and $47,000

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401k Contribution Limits

2005 $14,000 $18,000
2006 $15,000 $20,000
2007 $15,000 $20,500
2008 $15,500 $20,500
2009 $16,500 $22,000
2010 $16,500 $22,000

Roth IRA Contribution Limits

2002 $3000 $3500
2003 $3000 $3500
2004 $3000 $3500
2005 $4000 $4500
2006 $4000 $5000
2007 $4000 $5000
2008 $5000 $6000
2009 $5000 $6000
2010 $5000 $6000

Simple 401k / IRA Contribution Limits

2006 $10,000 $12,500
2007 $10,500 $13,000
2008 $10,500 $13,000
2009 $11,500 $14,000
2010 $11,500 $14,000

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