Answer:
$20,500
Explanation:
As per IRS, an employee can contribute up to $20,500 towards the Section 401(k) plan for the year 2022. However, in case the employee is aged 50 years or above, the maximum tax-deferred contribution limit for the employee is $27,000 ($20,500 + an additional $6,500)
Moreover, the total employer plus employee contribution limit for 2022 is $61,000. However, individually one can contribute only up to $20,500/$27,000 (as the case may be)
As per IRS, an employee can contribute up to $20,500 towards the Section 401(k) plan for the year 2022. However, in case the employee is aged 50 years or above, the maximum tax-deferred contribution limit for the employee is $27,000 ($20,500 + an additional $6,500)
In the given case, Parker is aged 49 years. Hence as per IRS rules, he can contribute up to $20,500 towards the Section 401(k) plan in the year 2022.
Moreover, since he is not above the age of 50 years, he is not eligible for an additional contribution of $6,500 i.e. limit of $27,000.
Parker is aged 49 years. Hence as per IRS rules, he can contribute up to $20,500 towards the Section 401(k) plan in the year 2022.
So, the answer is $20,500