- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
401k contribution for year maxed out - what next
Posted on 9/21/17 at 11:23 am
Posted on 9/21/17 at 11:23 am
in the event my contributions for 2017 are maxed out, will I no longer be able to contribute or will I receive a "refund" from my 401k provider (at the end of year) - I received something similar last year.
4
Posted on 9/21/17 at 11:35 am to Gorilla Ball
If you're at the same employer for the year the payroll software should cut you off at 18k.
If you switched employers then of course the payroll software won't know your prior contributions and you'd have to thread it just right at 18k total.
If you switched employers then of course the payroll software won't know your prior contributions and you'd have to thread it just right at 18k total.
Posted on 9/21/17 at 11:39 am to Teddy Ruxpin
I'm over 50 so I can bump it up to $24,000. I guess the money I was setting aside I'll use it for my back door roth.
Posted on 9/21/17 at 11:52 am to Gorilla Ball
Land?
Housing?
Rentals?
Bet it all on Black?
Housing?
Rentals?
Bet it all on Black?
Posted on 9/21/17 at 11:53 am to seawolf06
Thanks for reply, great ideas. Wife will be asking for more jewelry- but she's (or rather) myself is tapped out
This post was edited on 9/21/17 at 11:57 am
Posted on 9/21/17 at 11:59 am to Gorilla Ball
My husbands usually maxes out in October which is great for Christmas and property taxes due in December.
This post was edited on 9/21/17 at 12:33 pm
Posted on 9/21/17 at 12:05 pm to Gorilla Ball
Does the $18k contribution limit apply to after tax contributions? Or only the $54k total limit for employee + employer?
If they don’t, and you receive a match, make sure you continue to contribute (after tax) to receive the match.
If they don’t, and you receive a match, make sure you continue to contribute (after tax) to receive the match.
Posted on 9/21/17 at 12:16 pm to LSUtigerME
thanks for that information. From what I recall the $24000 is my contribution. the company match is not applicable. I have co-workers that don't even contribute enough to get the company match, that's like free money.
This post was edited on 9/21/17 at 12:17 pm
Posted on 9/21/17 at 12:22 pm to Gorilla Ball
What about HSA or FSA? Any other health care pre tax things you could do?
Do you have a Roth or traditional? Those are obviously options?
I'm pretty sure the company match ends at your max, but honestly I'm curious what the answer to that is?
Do you have a Roth or traditional? Those are obviously options?
I'm pretty sure the company match ends at your max, but honestly I'm curious what the answer to that is?
Posted on 9/21/17 at 12:58 pm to Gorilla Ball
quote:
have co-workers that don't even contribute enough to get the company match, that's like free money.
You may want to check into how your company handles this. In many cases, when you hit the IRS limit they quit contributions to your account. To get the full benefit you may need to plan on hitting the IRS limit in mid December and not in October. They have a set amount per pay period they will contribute and when you hit the limit they stop, so if you contribute a high % out of you own paycheck and cause yourself to be at the limit before the end on the CY you miss out on the funds that would have otherwise been contributed by the company.
In terms of where to go for 2017, try a Roth IRA and/or a HSA if you have a high deductible health plan.
Posted on 9/21/17 at 1:21 pm to baldona
I called fidelity (401k), my contributions tax free can be up to $24,000 (over 50). In addition, I can still contribute up to $54,000 or $60,000 (age). The difference between the 24,000 and 60,000 is taxable. I adjusted my contribution to 6% (so I wouldn't loose the company match and in January i'll adjust back to 15%). So fidelity moved some money (from previous years) that was in a post tax account to my non-401k accounts: the growth portion was moved to a rollover account and the principle was moved to a roth (already in place).
I hope this was explained well.
I hope this was explained well.
Posted on 9/21/17 at 1:23 pm to Dock Holiday
I hope this answers your question, I can contribute up to $60000, but anything over the $24,000 is taxed.
Posted on 9/21/17 at 1:37 pm to Gorilla Ball
I do this.
Max out 401K
Max out Roth IRA
Max out HSA
Contribute to taxable account
The order of the first two can be rearranged if you're looking at priority. Usually, on Jan. 1 every year, I transfer $5,500 from my taxable accounts in the Roth.
Then for the 401K I do a monthly deduction until I max out the $18K which usually happens right about this time of year.
Then for the next three pay periods, I use to max out the HSA.
Then I just have really big checks in November and December but take the left over and put it in my taxable account.
Max out 401K
Max out Roth IRA
Max out HSA
Contribute to taxable account
The order of the first two can be rearranged if you're looking at priority. Usually, on Jan. 1 every year, I transfer $5,500 from my taxable accounts in the Roth.
Then for the 401K I do a monthly deduction until I max out the $18K which usually happens right about this time of year.
Then for the next three pay periods, I use to max out the HSA.
Then I just have really big checks in November and December but take the left over and put it in my taxable account.
Posted on 9/21/17 at 1:58 pm to ghost2most
More power to ya but that sounds overly complicated 
I just have all 3 pro-rate through the year so they all max out in December. Well, to be fair I have to backdoor the ROTH, but I gather it up during the year. In the future I'll probably just pull that from the taxable wad like you do at the beginning of the year.
Though, the only PITA thing this year was changing jobs made me have to do some calculations and 401k/HSA catch up to get everything back on track after missing a couple weeks contributions due to the job change.
I just have all 3 pro-rate through the year so they all max out in December. Well, to be fair I have to backdoor the ROTH, but I gather it up during the year. In the future I'll probably just pull that from the taxable wad like you do at the beginning of the year.
Though, the only PITA thing this year was changing jobs made me have to do some calculations and 401k/HSA catch up to get everything back on track after missing a couple weeks contributions due to the job change.
This post was edited on 9/21/17 at 2:00 pm
Posted on 9/21/17 at 2:29 pm to Teddy Ruxpin
quote:
just have all 3 pro-rate through the year so they all max out in December.
This is what I do. Just a personal choice to stay on an even keel money wise yearround.
Posted on 9/21/17 at 3:54 pm to Teddy Ruxpin
The reason I do the Roth all at one time is that studies have shown you're better off investing a lump sum all at one time rather than dollar cost averaging in.
Of course if you did this right before a crash you're fricked but in general, time in the market is more important than timing it.
Of course if you did this right before a crash you're fricked but in general, time in the market is more important than timing it.
Posted on 9/21/17 at 5:27 pm to ghost2most
I've always done the (back door)roth at one time, either from savings or from another account. Just do it once and forget about it - my little brain can only remember so much.
Posted on 9/21/17 at 5:47 pm to Gorilla Ball
Well the actual backdooring ( ) kinda has to be at one time
Splitting that part up is dumb.
Though you could dollar cost once it's in there or not. That's preference.
) kinda has to be at one time Splitting that part up is dumb.
Though you could dollar cost once it's in there or not. That's preference.
This post was edited on 9/21/17 at 5:48 pm
Posted on 9/21/17 at 6:27 pm to Teddy Ruxpin
yes, thank you. I guess I should've stated that I do both in a lump sum. 
Posted on 9/21/17 at 8:07 pm to ghost2most
quote:
out 401K
Max out Roth IRA
Max out HSA
Contribute to taxable account
I don't understand why HSA isn't above the Roth.
At all.
In fact, I would argue that if a high deductible plan fits your current lifestyle, you max that before ANYTHING ELSE.
Before a six month emergency fund. Before 401k max. Before everything other than contributions to a 401k to max just the match.
And I'll challenge anyone to come up with a scenario that the pile of upsides are tempered by the downsizes. The only possibility I can think of is to divert some to build up your emergency fund, the rate of which in line with your risk tolerance.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News