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No, there is no warning, you have to manually adjust your contribution so that you don't overcontribute or you will have redo it... I don't know how but basically you tell your 401k company to do it and pay the taxes on whatever you "over-contributed"... it seems easier just to make sure you don't over-contribute... that's all I remembered..
No, there is no warning, you have to manually adjust your contribution so that you don't overcontribute or you will have redo it... I don't know how but basically you tell your 401k company to do it and pay the taxes on whatever you "over-contributed"... it seems easier just to make sure you don't over-contribute... that's all I remembered..
What happens if you over contribute? Does this mean I pay a 10% penalty too? I have Fidelity.
This should be obvious, but just make sure that you don't max out before the end of the year. You don't want to miss out on any employer contributions.
No, there is no warning, you have to manually adjust your contribution so that you don't overcontribute...
Not in my experience. My employer will not deduct from pay in excess of the 401k limit, regardless of how I set up payroll deductions. Same goes for $5K IRA catch up contributions.
This should be obvious, but just make sure that you don't max out before the end of the year. You don't want to miss out on any employer contributions.
My employer contributions is 4.5%. $1 to $1 Match.
My employer contributions is 4.5%. $1 to $1 Match.
Ah, yes. I just meant that if you max out in October and aren't able to contribute in November and December, then you're going to miss out on the employer match for those two months. So just spread your contributions out over the entire year.
Ah, yes. I just meant that if you max out in October and aren't able to contribute in November and December, then you're going to miss out on the employer match for those two months. So just spread your contributions out over the entire year.
Right, good point. How can I get to $17K and the full match all year?
Right, good point. How can I get to $17K and the full match all year?
Put in 1400 each month. As long as your salary is less than $17,000/4.5% = $377,777 that will work.
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