Questions tagged [contribution]
Money put into retirement plans, political campaigns or charities are known as contributions. Questions here may be around the limits of how much one can contribute in various situations to various plans they may access.
213 questions
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Why wasn't the higher 401(k) catch-up limit for ages 60-63 increased for 2026?
According to the Senate's own summary of Secure 2.0 (italics added for emphasis):
Section 109, Higher catch-up limit to apply at age 60, 61, 62, and 63. Under current law,
employees who have attained ...
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What are we able to contribute when switching from an FSA to HSA mid-year while switching employers?
My husband will be changing jobs mid-April to Employer B that has an HDHP + HSA. Our entire family is enrolled under his plan and our intent is to keep the entire family on the new plan.
Presently, he ...
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Should I delay contributing to my traditional IRA if I might need the money during the year?
My savings are in an MMA that earns the same interest as my traditional IRA account. My required minimum distributions don't start until April 1, 2026. If there's a chance I might need extra cash this ...
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Late IRA contribution with changing filing status and income limits
My wife and I got married in February. She has a Roth IRA, but she did not hit the contribution limits for 2023. I am considering making a late contribution to make sure we are taking full advantage ...
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Excessive HSA employer contribution corrected within the same calendar year: do I have to report it in my tax form (if so, how?) and will I get fined?
I live and work in the USA. My employer erroneously made an excessive employer contribution to my HSA, which was corrected within the same calendar year, specifically 2 days after the excessive ...
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When does the IRS typically announce health FSA contribution annual limits?
Based on this and this, as of November 6, 2023, the IRS still has not announced the health FSA contribution limits for the year 2024, even though most private employers have already begun their open ...
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Under what circumstances could an employee be able to have company provided 401k tax deductible and Trad IRA
Tax software is stating that I am able to take Trad IRA with deduction.
This seems odd as I contributed max amount to employer provided 401k. I was under the impression that fully contributing to 401k ...
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Where can I find tax year 2020 IRA contribution limits?
Where can I find tax year 2020 IRA contribution limits? IRS website shows info for only 2022 and 2021.
There are other websites that have this info but I want to be certain by confirming with IRS.
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How do I reverse an excess 401K Contribution?
I contributed around 10K with no employer match. I changed jobs in the mid year, now the I have new 401K with Match. I want to max it out so I can get the match in full. How do I take out the ...
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Need to amend my tax return to account for initial error reporting IRA contributions, even if tax return is correct after IRA withdrawal?
I contributed $6,000 to an IRA, however I discovered as I was filling out my tax return that I am only eligible to deduct $2,600.
I will withdraw the $3,400 from my IRA (as allowed per Pub 590a), so ...
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Should one max out one's 401(k) at the beginning of the year?
Assume that:
The employers catch up on the missing match at the end of the year, via as year-end true-up contributions. Should one max out one's 401(k) at the beginning of the year?
I have no idea ...
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How do i correct an HSA contribution on my taxes?
In March of 2021 I deposited $8000 into my HSA account but am now being told by my custodian that it went toward my 2021 contribution, not the 2020 as I intended, which follows the same pattern I have ...
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Is 401k contribution from non-salary sources allowed?
Scenario:
I was unemployed from January through July 2021.
I started new job at the end of July 2021.
Employer allows me to join 401k plan after 90 days, which means I’m enrolled starting November 1, ...
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Could my employer match contribution have caused me to have an excess 401K contribution?
Could my employer's match have caused me to have an excess 401K contribution?
For 2020, I contributed the maximum into my 401k-Roth, $19,500. I also made a catch-up contribution (I'm eligible) to my ...
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RRSP contributions in first 60 days of calendar year
RRSP contributions made in the first 60 days of the current calendar 2021, can be claimed in the prior year 2020, or later tax returns.
Regarding RRSP contribution limits. If the contribution is made ...
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Withdraw after-tax contributions from 401k without penalty
In my most recent payroll (which included bonuses), I messed up my contribution % for pre-tax and after-tax 401k. I ended up with $10k in pre-tax and $44k in after-tax (+4k in employer matches), when ...
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How does the pension contribution work in the UK?
I do not understand the basics and every source online is just entering into a whole load of details without clarifying what is going on with my money.
The contract states that the company will match ...
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Should I request that my employer reduce my salary to fully max out my 401k?
Conventional personal finance wisdom often instructs one to make full use of tax-advantaged accounts before placing additional savings into other investments.
I don't think this is bad advice in ...
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Lifecycle Investing through index options
I'm a young DIY investor who is looking for ways to consistently implement the approach outlined in the Lifecycle Investing book by Barry Nalebuff and Ian Ayres.
In short, they suggest using moderate ...
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Employee and employer 401k contribution limits [duplicate]
From my understanding, in 2020, the maximum an employee can contribute to their 401k is $19,500.
The total contribution limit for an employee and employer combined in 2020 is $57,000.
Now I understand ...
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Replacing money in Roth IRA after withdrawals?
In a Roth IRA account funded entirely by after-tax 401k rollovers (mega backdoor), is it possible to use the 60 day replacement rule like in this answer assuming only the principal is being taken out ...
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Can I contribute to two different calendar years in an IRA?
I noticed that my broker allows me to contribute to both 2020 and 2021. I have already maxed out my 2020 IRA contributions. Since I cannot deduct anything from my income via these contributions due to ...
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Do we need to worry about "maxing out" our 401K limit and the company won't match their part any more?
Let's say, if the company would match my 401K contribution, up to 4.5%, and with the current 2020 limit of $19500 and $6500 for age 50 and above for catch up, it is $26,000.
Each paycheck every two ...
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Can't see Balance in 401k account [closed]
I put about $400 into a 401k account, but the balance still says $0. Likewise, the vested balance is also $0. Why is this?
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401k benefits meaning: 10% of salary deferral subject to first 0.6% of compensation as elective contribution
From the benefits package of a prospective employer:
CompanyX contribution: 10% of salary deferral subject to first 0.6% of
compensation as elective contribution
What does this mean?
