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Max contribution 401K Question
Posted on 7/5/14 at 11:08 am
Posted on 7/5/14 at 11:08 am
If the max contribution to 401K is $17,500 per year, and the employer matches a percentage of your contribution, does that mean that more than $17,500 with be placed in the fund, or that $17,500 is the hard limit which is employee contribution plus employer match?
2
Posted on 7/5/14 at 11:10 am to Stingray
I'm dumb.
This post was edited on 7/5/14 at 11:28 am
Posted on 7/5/14 at 11:14 am to Stingray
You can put $17,500 in it yourself. Whatever the employer matches also goes in as well up to a certain amount. I forget how much but it's fairly high and won't be touched by most employer matches. Someone on here will probably come along and give the exact figure.
Posted on 7/5/14 at 11:19 am to Big Saint
Am I confused or do these two answers contradict each other?
Posted on 7/5/14 at 11:20 am to Stingray
They do and Costanza is incorrect. I put in the max this past year and my 401K with employer contributions was well over $17.5K.
Edit with LINK
Matching contributions from the employer are limited to 25% of your salary (or 20% of your net self-employment income if you are self-employed). Matched funds are always contributed to the tax-deferred portion of your 401(k) plan. The total of your elective salary deferral plus employer matching contributions is limited to $52,000 for the year 2014, to $51,000 for the year 2013, and to $50,000 for the year 2012
Edit with LINK
Matching contributions from the employer are limited to 25% of your salary (or 20% of your net self-employment income if you are self-employed). Matched funds are always contributed to the tax-deferred portion of your 401(k) plan. The total of your elective salary deferral plus employer matching contributions is limited to $52,000 for the year 2014, to $51,000 for the year 2013, and to $50,000 for the year 2012
This post was edited on 7/5/14 at 11:25 am
Posted on 7/5/14 at 11:31 am to Costanza
quote:
I'm dumb.
Honest mistake. I thought the same thing when I first started contributing to one. Posted on 7/5/14 at 12:16 pm to Big Saint
Thanks guys
Posted on 7/5/14 at 12:29 pm to Big Saint
quote:
Matching contributions from the employer are limited to 25% of your salary (or 20% of your net self-employment income if you are self-employed). Matched funds are always contributed to the tax-deferred portion of your 401(k) plan. The total of your elective salary deferral plus employer matching contributions is limited to $52,000 for the year 2014, to $51,000 for the year 2013, and to $50,000 for the year 2012
This. And in Arkansas, Medicaid providers can put an additional $17,500 above this. Still tax deferred. That's why most docs will see just enough to cover that amount and no more.
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