IRS announced the 401k Limits for 2015.
For 401ks, your 401k administrator will now limit your 401k contributions to $18,000 in 2015. However, the catch-up contribution limit for those aged 50 and over will increase for the first time since 2010. The new catchup limit is expected to be $6,000.
For 401ks with a profit sharing component, your 401k administrator will now limit your total 401k contributions to $53,000 in 2015. However, for those over 50 your 401k limit is now $59,000 in 2015. In order to make your maximum contribution of $53,000 an employee will need to have a salary of at least $140,000. A Self Employed person looking to maximize will need to have at least $175,000 in net Schedule C compensation.
When calculating your matching or profit sharing contribution your 401k administrator may only use a maximum salary of $265,000.
When trying to figure out whether your plan passed all of the non-discrimination testing, anyone who makes over $120,000 will now be counted as a highly compensated employee.
The complete list of the contribution limits is below.