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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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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Contribution deadlines for Solo 401k as Single-Member LLC
I am trying to understand Solo 401k contribution deadlines for Single-Member LLC:
Pre-tax contributions to traditional solo 401k. This includes both employer and employee contributions.
After-tax ...
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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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What business tax forms are impacted by adding an employer non-elective 401(k) contribution?
Bob is the owner and only employee of an S-corporation. For tax year 2023, he pays himself a salary of $150,000 and elects to defer $22,500 to a one-participant 401(k) plan. Bob also wants to add ...
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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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Roth IRA contribution limit based on salary if salary changes
I was looking at the Roth IRA Contribution Limit on the schawb.com site here:
Roth IRA Contribution Limits
I can see how much I'm allowed to contribute based on my salary, but what happens if my ...
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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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How to withdraw contributions from Fidelity Roth IRA? Fidelity-specific
From my understanding (correct me if I'm wrong), contributions can be withdrawn from a Roth IRA at any time without any penalty. I opened a Roth IRA with Fidelity two weeks ago and contributed $3,000 ...
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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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Can I put my raise into 401k without a change to my paycheck & taxes?
I received a 2.5% raise.
My HR website says :
per paycheck (13%) : (12% before tax + 1% Roth 401k)
and
Getting Full Company Match Yes
If I take home $X/week, change my contribution to 15.5%, will ...
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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 should I optimize my 401k employee contribution to maximize my employer's contribution?
I just want to maximize my employer's contribution.
My current employer plan has the following constraints
Company will provide a 100% (dollar-for- dollar) match on the first 5%
of eligible W-2
...
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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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US Political Contributions Disclosure Form
I've been told I have to fill out a form for political contributions by my employer (a financial services firm). I googled it, and came up with Form 8872, but that looks like a form for organizations, ...
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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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 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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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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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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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 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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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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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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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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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 ...
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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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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 ...
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Can my employer change my HSA account to a HRA account?
I have a HSA through which my employer gives me $1000 a year. When I turned 65, I decided to bypass Medicare so I could keep my HSA, employer contribution, and my monthly contribution.
Now at 67 I am ...
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Salary deduction to contribute more to a 401K through the employer's match
If an employer is allowed to contribute up to 38K (57K-19K) to your 401K through a match, why don't we have an option to deduct the extra 38K from our salary and count it as the employer match in ...
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Year of 401k contribution for last paycheck?
I am getting my next paycheck on Jan 2nd, 2020. The paycheck covers work performed in 2019. Will the paycheck go towards my 2019 or 2020 401K contribution limit?
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What other variables affect optimal contributions to RRSP now?
I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start ...
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Can both spouses claim Family Employer Contribution?
2 spouses (X and Y) with 2 kids (x and y).
They both work and both their employers offer HSA plans with Employer Contribution.
X works for company XXX that offers 600$ for Employee and 1200$ for ...
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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 ...
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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 ...
user44213
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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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