What are the contribution limits for retirement accounts?
An example of an AI chatbot conversation about contribution limits for retirement accounts.
What are the contribution limits for retirement accounts in 2023?
For 2023, the contribution limit for 401(k) plans is $22,500, and for IRAs, it's $6,500.
Are there catch-up contributions for older individuals?
Yes, individuals aged 50 and over can contribute an additional $7,500 to their 401(k) and $1,000 to their IRA.
What happens if I exceed these limits?
Exceeding contribution limits can result in tax penalties, and you may need to withdraw the excess amount.
Can I contribute to both a 401(k) and an IRA?
Yes, you can contribute to both, but your total contributions must stay within the respective limits.
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