Can someone please clarify some typically recondite IRS language?
I am trying to determine my 2021 401(K) contribution limit. I am filing Married, Filing Jointly.
My wife, who is over 50, has the 401(K) with her employer and I am a retired spouse.
TT, and the following IRS Guide, say the max contribution is $7000 but the IRS 401(k) Resource Guide > Retirement Topics - 401(k) and Profit-Sharing Plan Contribution Limits > Deferral Limits for 401(K) Plans say
$19,500 for 2021.
Can someone untangle this for me?
Thank for your help.
S Resource Guide > Retirement Topics - 401(k) and Profit-Sharing Plan Contribution Limits>
Deferral Limits for 401(K) Plans
