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Bonus and 401k question
Posted on 8/24/21 at 6:20 pm
Posted on 8/24/21 at 6:20 pm
I have a $25,000 bonus that I am supposed to receive by the end of September. I have a certain percentage taken out each check so that I max out my 401k on the last check of the year so that I get the most match from the company. Can anyone clarify if this bonus will have funds taken out for 401k? Been on hold with Vanguard for fricking ever so figured I would just turn to the brains of the MT board. Thanks!
11
Posted on 8/24/21 at 6:31 pm to MikeHatesPETA
Check with HR first.
Also, you could always turn your contribution on/off around that date if it’s included.
Also, you could always turn your contribution on/off around that date if it’s included.
Posted on 8/24/21 at 6:45 pm to MikeHatesPETA
quote:
Can anyone clarify if this bonus will have funds taken out for 401k?
I think you need to talk to HR. When I get bonuses, they take out my contribution, but I know they will adjust later in the year.
Posted on 8/24/21 at 6:46 pm to slackster
Thanks slack. I'll contact HR. I thought of stopping the contribution limit but I reread the letter and it states that it will be paid within 30 days, so who knows when it will actually be processed. I don't want to stop the contributions for that long if possible
Posted on 8/24/21 at 7:11 pm to MikeHatesPETA
quote:
so that I max out my 401k on the last check of the year so that I get the most match from the company
Check your 401k plan docs/HR to see if it has the "true up" feature. If it does, then it doesn't matter if you max out before the end of the year.
Posted on 8/24/21 at 7:15 pm to MikeHatesPETA
Taco Bell offering some huge sign on bonuses these days
Posted on 8/24/21 at 7:27 pm to MikeHatesPETA
My bonuses have 401k taken out
Posted on 8/24/21 at 9:07 pm to Champs
quote:
Champs
My goal is to get the Mexican Pizza back
Posted on 8/24/21 at 9:39 pm to MikeHatesPETA
Just wanted to plug Fidelity. Fastest company I've dealt with getting a real American human customer service representative on the phone.
Posted on 8/24/21 at 9:54 pm to MikeHatesPETA
check with hr. my company allows me to specify how much to withhold from base and from bonus. i have to withhold at least 7% to get the match for the bonus.
Posted on 8/25/21 at 8:21 am to MikeHatesPETA
That depends on your individual set up. I get paid multiple times a year via bonuses. We have the ability in workday to control how much 401(k) distribution comes from our regular pay and from our bonuses. I often apply my first bonus of the year in February almost entirely to my 401(k) so that I max it out as soon as possible. You should check with your HR.
Posted on 8/25/21 at 8:55 am to MikeHatesPETA
The answers in this thread are correct. I'm an HR Manager and, for us, 401k contributions are taken out of bonuses. You need to get with your HR department if you want to make a change to that whether you want to turn it on/off or adjust the contribution percentage.
This needs to be done a couple of days before payroll runs (or in this case when the bonus is paid out).
This needs to be done a couple of days before payroll runs (or in this case when the bonus is paid out).
This post was edited on 8/25/21 at 8:57 am
Posted on 8/25/21 at 10:07 am to BenDover
I would do it 2 weeks in advance to be safe, then just change it back.
Posted on 8/25/21 at 11:13 am to BenDover
Not a blanket answer. It all depends on your company's specific plan document.
Posted on 8/25/21 at 12:56 pm to MikeHatesPETA
Depends on how your plan defines compensation and excluded compensation in regards to deferrals.... Should be easy to find in the Summary Plan Description.....
Posted on 8/25/21 at 1:17 pm to MikeHatesPETA
Simply turn your 401k withholding off a few weeks prior to the pay period.
Turn back on after.
That said, your older self will thank you for letting that money for to 401k. Trust me, I made the same mistake once in my youth - I can’t really show where the money went.
Turn back on after.
That said, your older self will thank you for letting that money for to 401k. Trust me, I made the same mistake once in my youth - I can’t really show where the money went.
Posted on 12/1/21 at 1:57 am to Corn Dawg Nation
No doubt
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