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Message
Roth 402G limits
Posted on 1/12/24 at 11:56 am
Posted on 1/12/24 at 11:56 am
My company in the past had a post tax account thru fidelity that once my 401K pre tax contribution was maxed out ($26,000?), then the contributions continued to a post tax account till the end of the year. Then I just did a back door Roth.
I noticed that currently we hv a pre-tax 401K and a 402G Roth account that I can fund simultaneously.
So I guess I should discontinue my backdoor Roth?
Im contributing 13.5% to 401K and 7% to 402G.
So when my contributions max out to 401K then will it all go to the 402G Roth account?
I hope this makes sense
I noticed that currently we hv a pre-tax 401K and a 402G Roth account that I can fund simultaneously.
So I guess I should discontinue my backdoor Roth?
Im contributing 13.5% to 401K and 7% to 402G.
So when my contributions max out to 401K then will it all go to the 402G Roth account?
I hope this makes sense
1
Posted on 1/12/24 at 1:17 pm to Gorilla Ball
The 402g limit isn't a Roth thing it's a Roth or Pretax thing - limit is 23k this year. If you go over, it sounds like it rolls to your after-tax account.
If you're over 50, you also get a $7,500 catch-up, but this doesn't count to your 402g limit.
402g is $23,000 (either pre-tax or Roth)
Catch-up is $7,500
Company contribution is "X"
Total Maximum is $69,000
69,000 - 23,000 - 7,500 (if applicable) - X = Maximum After-Tax Contribution
Some companies cap your contribution to say 15% and that is what it is. You'll have to check what this looks like for you by calling Fidelity.
If you're over 50, you also get a $7,500 catch-up, but this doesn't count to your 402g limit.
402g is $23,000 (either pre-tax or Roth)
Catch-up is $7,500
Company contribution is "X"
Total Maximum is $69,000
69,000 - 23,000 - 7,500 (if applicable) - X = Maximum After-Tax Contribution
Some companies cap your contribution to say 15% and that is what it is. You'll have to check what this looks like for you by calling Fidelity.
This post was edited on 1/12/24 at 2:36 pm
Posted on 1/12/24 at 2:09 pm to UpstairsComputer
So 402g is just the employee contribution to 401k? I thought for a moment there was retirement account I'd never heard of until I Google'd it. OP seems confused.
Is that right?
Is that right?
Posted on 1/12/24 at 2:35 pm to TorchtheFlyingTiger
Yes. It does seem like the lingo that his company is using has changed, so he may be confused for good reason. I've never seen a company call it a 402g on employee facing material.
Posted on 1/12/24 at 3:19 pm to UpstairsComputer
What’s confusing is on my last payroll statement it shows a contribution to 401k and 402G Roth
13.5% to 401k
7% to Roth 402G
13.5% to 401k
7% to Roth 402G
This post was edited on 1/12/24 at 3:24 pm
Posted on 1/12/24 at 3:32 pm to UpstairsComputer
I’ll call Fidelity for clarification- the confusing part is the two different entries on my check stub
Posted on 1/12/24 at 4:09 pm to Gorilla Ball
Are you sure the 7% isn't the company match?
Posted on 1/12/24 at 6:07 pm to baldona
No that’s my post tax contribution- the company match has never showed up on my check stub.
I’m contributing about 21.5%
I’m contributing about 21.5%
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