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Message
Dammit - I got an unexpected $3000 check in the mail
Posted on 4/5/14 at 6:15 pm
Posted on 4/5/14 at 6:15 pm
It seems I am a "highly compensated employee" and about 3K is being returned to me out of contributions I made to my 401(k) last year. Apparently if not enough po' folk contribute to their plan us ballers can't contribute as much either. Now I get to pay taxes on this. 
That's right. Because others didn't contribute "enough" to their retirement savings now I can't either. God Bless America.
That's right. Because others didn't contribute "enough" to their retirement savings now I can't either. God Bless America.
10
Posted on 4/5/14 at 6:21 pm to foshizzle
You gotta mind your own store, I always take stock of this issue towards the end of each CY.
I over-contributed once to a company-sponsored 401k plan. I will not do that again.
I over-contributed once to a company-sponsored 401k plan. I will not do that again.
Posted on 4/5/14 at 6:28 pm to foshizzle
I don't get it. So even though the limit to contribute is 17,500, they only let you put in 14,500?
Posted on 4/5/14 at 8:51 pm to foshizzle
So open an IRA
Posted on 4/5/14 at 9:50 pm to foshizzle
quote:
It seems I am a "highly compensated employee" and about 3K is being returned to me out of contributions I made to my 401(k) last year. Apparently if not enough po' folk contribute to their plan us ballers can't contribute as much either. Now I get to pay taxes on this.
Just wire the money to my bank account and you can call it a donation on your taxes....Problem Solved.
But seriously, that's bullshite.
This post was edited on 4/5/14 at 9:52 pm
Posted on 4/5/14 at 9:53 pm to foshizzle
Roth it?
Posted on 4/5/14 at 10:43 pm to foshizzle
When I started my current job last year they informed me this was a possibility since I'm a HCE. fricking ridiculous, and I don't know what I'd do in your situation. My wife and I have maxed our Roths since we've been married
Posted on 4/6/14 at 3:32 pm to foshizzle
Are you married? You could put it in a spousal IRA.
Posted on 4/6/14 at 5:39 pm to foshizzle
Take the 3K and invest in some weed stocks.
Posted on 4/6/14 at 9:00 pm to foshizzle
Tell your employer to convert to a safe harbor plan
Posted on 4/7/14 at 4:35 pm to foshizzle
This is a reason why a lot of companies are switching to a match AND a defined contribution.
E.g we used to have a straight 6% match now it is a 4% match and a 2% employer contribution.
Also this allows them to say they have 100% participation among eligible associates.
E.g we used to have a straight 6% match now it is a 4% match and a 2% employer contribution.
Also this allows them to say they have 100% participation among eligible associates.
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