1 Preparing for homeownership. 2  Managing your money. 3  Understanding the importance of credit. 4  Qualifying for a mortgage. 5  Shopping for a home. 6  Available down payment and closing costs programs.  Protecting your investment.
SIMPLE 401k and SIMPLE IRA Contribution Limit. SIMPLE 401k and SIMPLE IRA plans have a lower limit than 401k plans. It will also stay the same at $12,500 in 2016. If you are age 50 or over, the catch-up contribution limit will also stay the same at $3,000.
Contribution Limits. The contribution limits for SIMPLE IRAs are lower than 401(k) plans, so your SIMPLE IRA contribution cannot exceed the lower limit and your total contributions can't exceed the higher, 401(k) plan limit. In 2012, the limit for a SIMPLE IRA is $11,500 and the limit for a 401(k) plan is $17,000.As a result, if you put $11,500 in your SIMPLE IRA, you can't put more than $5,500 in your 401(k) plan.If your total contributions to your 401(k) plan and SIMPLE IRA exceed the annual limits, the IRS penalizes you by disallowing the deduction for your contribution.f your total contributions to your 401(k) plan and SIMPLE IRA exceed the annual limits, the IRS penalizes you by disallowing the deduction for your contribution.