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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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36 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
28 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 ...
5
votes
3answers
118 views

Solo 401k eligibility

I would like to know if I am eligible to open a Solo 401k, and if so, what is the max amount I can contribute. I think I meet the requirements listed on various sites: I have started working on a ...
2
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4answers
276 views

Former employer deposited money in my 401K by accident

Former employer put about $3K in my 401K after I had left the company for 1 year. A year later they discovered it and are asking for the money back. Do I legally owe this to them?
5
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2answers
101 views

Do employer contributions to an HSA count towards contribution limits?

They 2019 HSA contribution limit for a single person is $3,500. If my employer contributes $500, does that mean I can only contribute $3,000, or can I still contribute the full $3,500?
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2answers
250 views

What happens when a Roth 401(k) contribution interferes with payroll taxes?

I tried looking up this up on Google but there were too many irrelevant search results. I also perused through the Roth 401(k) Plan documents but was not able to find a section on this. My salary is ...
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2answers
146 views

What are the limits for 401k and Roth IRA contributions and if I can catch up for the years missed?

I know the basic difference between a 401k and a Roth IRA that one is pre-tax and another is post-tax. I've also learned that I can contribute towards both a 401k and Roth IRA. I would like to know if ...
2
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2answers
215 views

Two jobs two 401K both matches up to 6%

I have two jobs, both offer 401k matching up to 6%. Is there any advantage of splitting my 401 K contributions ( $9,250.00 each) between employers to take advantage of the 6% matching or it doesn't ...
2
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2answers
51 views

Correcting a post-tax HSA deposit?

Due to a payroll error at work, my HSA contribution got put in twice for the first pay week. Once pre-tax and once post-tax. The extra total amount being in there is fine as it won't cause any limit ...
2
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1answer
101 views

Are contributions to 401k outside of payroll pre-tax?

Between my payroll deductions for 401k and my employer's contribution, I don't get to my $18,500 + $6,000 catch-up limit for 2018. If I put money into the 401k account from my own funds/savings to ...
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1answer
2k views

If I have a 401k for a partial year can I still contribute the maximum amount?

I will only have a 401k for part of this year. Am I still able to contribute up to the maximum contribution limit ($18,500 in 2018 this year) even though I only will have the plan for part of the ...
9
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3answers
501 views

How to intentionally overcontribute to 401(k) to maximize new employer's matching?

I knew that I was going to leave my former company for one of the Bay Area startups. Expecting that I would not have a 401(k) account there, I frontloaded my contributions and maxed out my 401(k) ...
4
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2answers
221 views

Can a “rehired retiree” contribute to the company's 401K plan?

I retired last year (early at 55), and was recently called back in to work at my old employer as a "rehired retiree" (hourly, part time for less than 1000 hours, no prior promise of employment, etc). ...
4
votes
1answer
280 views

Can a year-end true-up employer match exceed the 401(k) maximum contribution, in which case the employee would past of their 401(k) contributions?

In some firms, the true-up employer match for year X is received the next year (i.e., year X + 1), but it counts toward the 401(k) contributions for year X. One of the main reasons why the employer ...
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1answer
60 views

For 401k (or IRA contributions), does it matter which part is catch-up?

When you are over 50, you get an additional allowance for the amount that you can contribute to 401k - in addition to the usual limit of $ 18500 (in 2018), you are allowed to contribute $ 6000 of '...
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1answer
74 views

Leaving a High-Deductible Health Plan (HDHP) during the year: can one still fully contribute to one's HSA? [duplicate]

Bob has a High-Deductible Health Plan (HDHP) and wants to maximize his contributions to his Health Savings Account (HSA). At some point during the year, Bob changes his health insurance from an HDHP ...
1
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1answer
146 views

401k employer vs personal limits

What are the combined limits for a 401k (either traditional or roth) when employer issued vs private? If someone is not eligible right now for employer 401k, so they invest 4k privately over 2018 (...
4
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1answer
128 views

Can I contribute to an IRA without any U.S. earned income?

I used to live in the U.S. on a H-1B and returned to my home country in the year 2017. However, I still have some U.S. ETFs and equities in a brokerage account. I also have a IRA account. I have no ...
4
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1answer
444 views

Is there a way to undo 401k contributions?

I made a mistake... To give some context: for the first 3 months of 2018 I was working in Texas at a company that matched the first 4% 401k contribution. I had been looking for a different job and ...
3
votes
1answer
80 views

Implications of withdrawing Roth IRA contributions before age 59?

What repercussions, penalties, fees, or additional taxes exist on withdrawing contributions (basis) from a Roth IRA account under 59 years old? For example, suppose I have contributed $5,500 for 5 ...
0
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1answer
130 views

Getting around discrimination clause on 401K contributions?

I would like to take advantage of the increased employer contribution limit. I realize that my employer cannot change our plan for just some people. But what if it was for all employees? How creative ...
5
votes
1answer
317 views

Can I make a lump-sum contribution to a SIMPLE IRA?

My employer offers a SIMPLE IRA plan to which I can contribute 3% of my salary. My employer contributes a 3% match. The employee contribution limit of $12,500 is far higher than the 3% amount I will ...
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0answers
98 views

Spouse Pre-Tax HSA Contribution

My wife and I each have (unrelated) individual insurance through our respective employers, one Blue Cross/Blue Shield, the other Aetna. Because I already have a HDHP with an HSA, she is barred from ...
4
votes
1answer
180 views

Is there any benefit to contributing to 401(k) throughout the year?

Let's say that I'm going to max out my 401(k) contribution limit for next year. ($18,000) My company offers no 401(k) match. Typically in years past I have contributed a percentage of my check every ...
2
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1answer
62 views

Maximum 401(k) contribution at end of year self employed?

I have 401(k) through work that gets contributed monthly and it has maxed out contributions for the year ($18K). My wife doesn't have 401(k) and is self employed. If she opens 401(k) at the end of ...
3
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1answer
151 views

Contributing to 401k and IRA in the same year [duplicate]

For 2017 the IRA contribution limit is $5500 and 401k contribution limit is $18,000. Could you contribute $5500 to the IRA and $18,000 to the 401k in the same year or are you limited to one account or ...
3
votes
2answers
324 views

IRA yearly contribution limit

With the yearly contribution limit of an IRA being $5500, are you allowed to open mutliple IRAs and does this make sense? I was curious what people who want to invest more into a retirement account ...
9
votes
1answer
5k views

Does employer matching count toward the yearly 401(k) limit? [duplicate]

The federal government limits how much I can put into a 401(k) per year. For 2017, I think it's $18,000. Is this just my contributions, or does it count employer matching?
0
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1answer
233 views

Assuming you really wanted funds in your 401k, doesn't paying interest in a loan accomplish that, even though it is post-tax funds

Although paying off a loan to your 401k most likely comes from post-tax sources, if you merely wanted to move more money into your 401k than would otherwise be possible, doesn't this accomplish that? ...
38
votes
4answers
7k views

What is the logic behind a 50% of X% 401(k) contribution match?

In the situation where an employer is contributing a match to a 401(k), apparently a common formula is to match 50% of employee contributions up to a percentage of their salary. I have also seen this ...
0
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1answer
198 views

What are pros/cons of having 401K contribution taken out of retro pay?

I am due retro pay for 6 month at my workplace. It is about two thousand. I was asked if I want my 401K contribution taken out of my retro pay. What does that mean for me? Will it be more money ...
6
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2answers
2k views

Can I withdraw a non-deductible traditional IRA contribution without penalties in the same tax year?

I just spend two hours going through IRS Publication 590a, and reading all related question here and in some other places (none matched this question exactly). Situation: X is over 50 and ...
4
votes
3answers
507 views

Can I make a Roth IRA contribution for the past tax year as well as the current year?

I did not contribute to my Roth IRA in calendar year 2016. I have already filed my 2016 taxes, and plan to make my 2016 Roth IRA contribution before April 2017. Once I do that, am I still able to ...
7
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2answers
957 views

What happens to the company match for a 401k over-contribution?

Suppose that I change jobs halfway through the year. My first employer matches 50% of 401k contributions. By the time I leave, I've already contributed enough to hit IRS limits: $18,000 in my ...
6
votes
2answers
138 views

Should I contribute the maximum annually to my HSA or only enough to cover the out-of-pocket maximum?

I am young, healthy, and rarely use my HSA for any kind of relevant expenses. I might use it once a year for a prescription or something, but I'm certainly not maximizing the use of my funds (I don't ...
3
votes
2answers
170 views

Invest all at once after maxing out Roth IRA - or each time I contribute?

When I transfer money to my Roth IRA account, it keeps it in a cash account until I invest it (doesn't do it automatically). It takes me around 6 months to get to my $5500 limit. Is it better to ...
4
votes
1answer
2k views

Max Contribution to IRA, Roth, and Both

Question: I am looking for maximum allowed contribution to Traditional IRA Roth IRA Traditional IRA and Roth IRA combined Searched IRS, and it is confusing Website says For 2015, 2016, and 2017,...
5
votes
1answer
520 views

Do political campaign contributions count as gifts for tax purposes?

If I donate to a standard U.S. (non-charitable) political campaign, does that amount reduce my annual and/or lifetime gift allowance? do I have to report that amount somewhere on my federal tax ...
4
votes
2answers
132 views

Can I contribute to Health Savings Account mid year, outside of when I enrolled?

I failed to contribute to my HSA account when my company asked to enrolled for it. Is it still possible for me to contribute to it and also get the tax deduction ? If yes, I should be able to specify ...
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0answers
23 views

When can I start contributing to my Spousal RRSP again without attribution implications?

I have a question about the Spousal RRSP that I want to validate. When can you start contributing back to a Spousal RRSP after a withdrawal has been made? Summary of actions taken so far: My last ...
29
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5answers
7k views

Why would someone who thought they will work until they die contribute to a pension plan?

One of the shocking graphs going round at the moment is from many millennials expect to work until they die: Now I'm a UK millennial who wants to retire early, however if I did think I were going to ...
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2answers
606 views

Employer RRSP match vs. contribution limits for recent grad with no RRSP room?

I'm just starting my first job ($55k), which includes an employer RRSP match up to 5% of my income. I only have $500 of RRSP deduction limit for this year as I have never worked before. Can I ...
7
votes
3answers
252 views

How to maximize small business 401k contribution?

We own small business (C-Corp without S-election) that currently does not have employees outside the owners (three of us). The business is producing a nice amount of revenue and as of yet none of us ...
3
votes
1answer
3k views

In a Canadian TFSA, does interest earned within the account count toward the contribution limit?

I know that there is a limit in the contribution per year in a TSFA. At the moment (2016), if you have never made a contribution then you can contribute around $ 46 500. BUT, even though all ...
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1answer
109 views

If I auto deposit every week into a Traditional IRA, can I keep doing a backdoor conversion to a Roth IRA every week?

If I auto deposit every week into a Traditional IRA, can I keep doing a backdoor conversion to a Roth IRA every week? How does that affect my taxes? Do I get taxed on the earnings each weekly deposit ...
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1answer
35 views

Class of shares specifically for retirement accounts with contribution limits

Regarding US retirement accounts like a 401k or IRA, can a corporation (or any entity) get around employee contribution limits by contributing a class of shares that have a certain value but get ...
6
votes
1answer
105 views

Can a 403b contribution be rescinded?

My wife started a new job very late in 2015. She signed up for the retirement plan, a 403b plan and contributed approximately $200. Now doing our taxes, (married, filing jointly) we find we cannot ...
3
votes
1answer
1k views

How much money should a “fully-funded” 529 account contain to pay for a student's education?

What is the maximum, reasonable amount one might put into a 529 college savings account for the benefit of a single future student? 529 accounts have maximum allowed balances between $235k and $400k ...
5
votes
1answer
614 views

US tax handling of UK pension contributions

The UK currently has a pension (SIPP) contribution limit of up to 40,000 GBP per year (approx 60,000 USD at current exchange rates). 100% of this amount can be self-funded, in which case your ...
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votes
2answers
75 views

How religiously should Dollar Cost Averaging be followed?

IF I simply interpret Dollar Cost Averaging as a method of putting an amount x in my investment every month through thick and thins of the market, then I am contradicting what the article in ...