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.

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2answers
130 views

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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2answers
100 views

Can I contribute to my Roth IRA in December and then again in January?

I haven't started my Roth IRA yet, have been procrastinating. So hypothetical question, say I get around to doing it in December, can I make the maximum contribution all at once in that month, and ...
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2answers
4k views

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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3answers
208 views

Is a backdoor ROTH IRA contribution still worth it if I have pre-tax IRAs that I can't rollover to a 401k yet?

Starting this year, I can no longer contribute to my ROTH IRA. I have three other IRAs: A rollover IRA (pre-tax), opened in 2020 when I rolled over an old 401k. A SIMPLE IRA (pre-tax), opened in 2020 ...
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1answer
78 views

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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1answer
58 views

Contribution to rollover IRA in 2020

I am retired and rolled over my 401(k). My husband has earned income for 2020. And he has retirement plan in his work. We already contributed $7000 each to Roth IRA. Can I contribute another $7000 to ...
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0answers
72 views

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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1answer
46 views

Rollover IRA and Roth IRA Contribution Limit?

I have a 401k from a prior employer that I quit from a couple of years ago. As I cannot invest in it any longer I have decided to move it into a "Rollover IRA". I already have a Roth IRA. ...
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0answers
25 views

Please help me determine my SEP IRA Contribution

I'm the sole owner of an S-Corp in California. I'm an employee of the company. I need help please determining how much my company should contribution to my SEP IRA for 2020. Because of the pandemic ...
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3answers
160 views

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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6answers
212 views

Should I reduce my 401k contribution to pay of car/house payments earlier?

It’s a little more complicated than the question (at least I think so). Basic Info: I’m 36 I have about $398K in 401k+Roth savings, 15% contribution per paycheck I have a mortgage worth $175K I have ...
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1answer
351 views

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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1answer
89 views

Withdraw and return Roth IRA contributions?

If I have a Roth IRA with $10k, $8k of which was contributed by me then can I withdraw $4k and put it back? I understand that it won't be taxed since it is already "after-tax" money but ...
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2answers
200 views

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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5answers
3k views

How does one get the 401(k) max contribution of 57K?

My understanding is that the max individual contribution for 2020 is $19,500. If employer match is 100%, that gets us to a total of $39,000. How does one max out the combined employer/employee ...
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0answers
23 views

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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1answer
27 views

Do I need to account for this year's RPP contributions when contributing to RRSP

I'm starting contributions to both a defined contribution RPP with employer matching and an RRSP account. I know my RRSP contribution room from last year's notice of assessment. What I can't find an ...
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1answer
84 views

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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1answer
70 views

Can I still contribute to a Roth IRA?

So, I have never contributed to Roth IRA or had an account. I recently started with getting some financial knowledge and got to know that I can still contribute to Roth IRA for 2019 (till July 15, ...
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3answers
99 views

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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1answer
49 views

My Employer Contribution each year Using W2 form

I contribute to my 401K each month but I am not sure how much my employer is contributing each year to my 401K. They said they will match 5% of my salary but I am not able to find that number in my ...
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1answer
143 views

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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2answers
109 views

Can my existing Roth IRA be used as a spousal Roth IRA?

My wife and I both established separate Roth IRAs long ago and contributed over the years until we eventually hit the income limits. Now that I'm retired and my wife is still working, we are again ...
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1answer
67 views

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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0answers
85 views

Reversing an IRA contribution?

I contributed $6,000 to my IRA last year but turns out I made too much money to be able to deduct IRA contributions. I've read that I can reverse an IRA contribution if I withdraw the money before ...
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0answers
93 views

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?
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0answers
52 views

Contributing to 529 when living in one state but working in another

I live in NY, but I work in CT. Both states allow you to deduct up to $5000 of 529 contributions to their plan. Based on what I've read, I need to pay taxes to both states, and then I get the amount ...
3
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2answers
214 views

Does employer matching in a 403(b) account count toward the individual IRS limit?

I would like to contribute as much money to my 403(b) as possible this year, and I certainly want to take advantage of any employer matching. It is my understanding that employer contributions do not ...
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1answer
227 views

Contributing to a IRA with a large income?

I recently started a job that pays $150K per year on paper(i.e. my offer letter says my yearly salary will be this) in NYC. In reality, after taxes and all the deductions, I will probably take home ...
4
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2answers
261 views

Can my employer change my HSA account to a HRA account?

I have a HSA through which my employer gives me $1000 a year. When I turned 65, I decided to bypass Medicare so I could keep my HSA, employer contribution, and my monthly contribution. Now at 67 I am ...
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2answers
141 views

Salary deduction to contribute more to a 401K through the employer's match

If an employer is allowed to contribute up to 38K (57K-19K) to your 401K through a match, why don't we have an option to deduct the extra 38K from our salary and count it as the employer match in ...
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1answer
226 views

Year of 401k contribution for last paycheck?

I am getting my next paycheck on Jan 2nd, 2020. The paycheck covers work performed in 2019. Will the paycheck go towards my 2019 or 2020 401K contribution limit?
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1answer
59 views

What other variables affect optimal contributions to RRSP now?

I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start ...
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1answer
81 views

Can both spouses claim Family Employer Contribution?

2 spouses (X and Y) with 2 kids (x and y). They both work and both their employers offer HSA plans with Employer Contribution. X works for company XXX that offers 600$ for Employee and 1200$ for ...
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2answers
75 views

Contributing to IRA account which contains pre-tax income from my rollover 401(k)

I am in my early 30s and I have recently rolled over my 401(k) fund from my former employer into a Traditional IRA account. All the money in this account is pre-tax income. I would like to contribute ...
2
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1answer
118 views

Can you legally increase your TFSA contribution room over the government's provided maximum ($63 500 in 2019)?

I saw this idea in Reddit comments by u/differing: I often wish I invested early in the weed stock bubble in my TFSA, not so much for the returns but more to supercharge my TFSA room and transition ...
4
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1answer
125 views

Are contributions to a non-dependent's 529 account in MN tax deductible?

(Minnesota) If I contribute to the 529 account of a friend or relative who is not my dependent, can I still claim the 529 tax deduction or tax credit?
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2answers
133 views

Does your 401k provider stop you when you hit your max?

In general, I was wondering who is responsible for keeping track of when a normal, employer-sponsored 401k account has hit its pre-tax contribution limits for a year. I assume that, in the end, the ...
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1answer
193 views

When calculating Roth IRA contribution limit, is MAGI for previous or current year used?

I was looking into how much I could contribute to a Roth IRA based on MAGI. In 2018, my MAGI was below the amount where contribution limits start to decrease, so I should be able to contribute the ...
2
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1answer
4k views

I never opened TFSA. Why's my TFSA contribution room $64800.68, not 63500?

Brother Ivan never opened TFSA. Websites beneath say his TFSA contribution room is $63 500, but screenshot from his CRA online account says $64 800.68! Why? Which's right? Know your TFSA ...
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1answer
299 views

Can my employer make me forfeit Safe Harbor match if I over contribute?

My employer 401k plan offers 'after tax non Roth' contributions, in addition to traditional pre-tax and Roth. I chose to max out my pre-tax contributions at $19,000 this year and then switch to '...
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1answer
503 views

How do Ontarians calculate optimal RRSP contribution?

Pls see my dad in Ontario's facts. He maxed out his TFSA, and his annual pre-tax income (henceforward "APTI") is $50K. CRA website shows his 2019 RRSP deduction limit is $100K. If I ...
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4answers
4k views

Why is my 401k manager recommending me to save more?

I am currently contributing enough to hit the limit (~$18000) per year and get a match of 100% for 4% of it. My 401k provider (Fidelity) just sent me a quarterly progress email and suggests that I ...
2
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1answer
90 views

From which bank account should I make employee contributions to my Self-Employed (Solo) 401k?

I have both business and personal checking accounts. For employee contributions to my self-employed 401k, does it matter for legal or tax purposes which account I draw a contribution from?
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1answer
52 views

457(b) - funding options

I'd like to put some money we saved towards my wife's Roth 475b. Is it possible to just write a check from a personal account as a contribution or must is come out of her paycheck?
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2answers
394 views

Is it possible to deposit stock into a Solo 401k?

Towards the Solo 401k limit, is it possible to deposit stock held in an investment account, and have that count towards the limit? For example, if my 401k contribution limit is $20,000 annually, can ...
8
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3answers
2k views

I'm attempting to understand my 401k and how much I need to contribute to maximize the match

I pretty much put the entire question in the title. My company's 401k is the following: Your employer matching contribution is equal to 100% of your employee deferrals up to 1% of eligible ...
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1answer
87 views

401k catch up contributions for HCEs - can my company forbid these?

I am currently restricted to a 9.5% contribution rate to my 401k due to imposed limits by my company for HCEs (apparently we failed a test last year). My CFO is telling me that it is illegal for them ...
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1answer
43 views

Can an IRA contribution be made on the same date of the tax deadline and still count for that tax submission?

The deadline for taxes and IRA contributions for FY2018 in USA is April 15, 2019. If I haven't made a contribution yet for FY2018, can I go to a bank on Monday, April 15, 2019 and make a contribution ...
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0answers
33 views

Change IRA contribution to prior year

I under-contributed to my IRA for tax year 2018. I'd like to apply some of my 2019 contributions to tax year 2018 to reach the 2018 tax year IRA contribution maximum. We have not yet reached to 2019 ...