What is the maximum contribution for defined contribution plans in 2015?

Question

Quizplus · Accepted Answer

The maximum contribution for defined contribution plans in 2015 is the lesser of $53,000 or 100 percent of compensation. Option C fits this description, making it the correct choice. Option A, which states "Lesser of $50,000 or 50 percent of compensation," was the 2014 limit. Option B, which states "Lesser of $40,000 or 100 percent of compensation," is not correct. Option D, which states "A flat $50,000," is not correct. Option E, which states "Contribution is based upon adjusted gross income," is not correct either, as this applies to Roth IRA contributions.

What Is the Maximum Contribution for Defined Contribution Plans in 2015