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Contributing the maximum you’re allowed under 401k contribution limits to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move:
For 2013, the 401k contributions limits came up to $17,500 — plus an additional $5,500 if you’ll be age 50 or older by Dec. 31.
If you participate in a 401(k), 403(b) or 457 defined contribution plans, it may allow you to designate some or all of your contributions as Roth contributions. While Roth contributions don’t reduce your current MAGI, qualified distributions will be tax-free. Roth contributions may be especially beneficial for higher-income earners, who are ineligible to contribute to a Roth IRA.
For any questions related to this, please contact Doeren Mayhew’s tax advisors in Michigan, Houston or Ft. Lauderdale.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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