Skip to main content

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.

Filter by
Sorted by
Tagged with
3 votes
1 answer
357 views

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 ...
0x5453's user avatar
  • 135
0 votes
1 answer
157 views

Solo 401k contribution limit for high Schedule K-1 income

This is really two questions. For this post, I'm going to use a very simple example. I have a single-member LLC with an S-corp election. I am the only employee. In 2023, my W2 wages were $66,000. My K-...
sparaps's user avatar
1 vote
1 answer
136 views

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 ...
Franck Dernoncourt's user avatar
3 votes
2 answers
8k views

Roth 401k - Contributions are not going in as after tax?

So, I have a Roth 401k with my employer. I always thought that the Roth meant that I am contributing after-tax dollars into the account. I just realized the following: For simplicity, let's assume: I ...
Raj's user avatar
  • 693
1 vote
1 answer
149 views

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 ...
Very Tiny Brain's user avatar
1 vote
1 answer
260 views

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 ...
illuminato's user avatar
1 vote
1 answer
75 views

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 ...
paulj's user avatar
  • 1,157
0 votes
1 answer
125 views

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 ...
jstricker's user avatar
2 votes
1 answer
35 views

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.
javanoob's user avatar
  • 335
0 votes
1 answer
76 views

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 ...
Rich's user avatar
  • 1,749
1 vote
1 answer
145 views

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 ...
Kint Kant's user avatar
  • 709
0 votes
0 answers
436 views

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 ...
largecoconutballs06's user avatar
1 vote
1 answer
164 views

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 ...
IRA Oopsie's user avatar
1 vote
2 answers
205 views

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 ...
Marinaio's user avatar
  • 397
2 votes
2 answers
175 views

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 ...
Franck Dernoncourt's user avatar
1 vote
1 answer
98 views

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 ...
user's user avatar
  • 1,507
0 votes
2 answers
478 views

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 ...
Cindy T's user avatar
  • 11
0 votes
1 answer
67 views

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, ...
George's user avatar
  • 3
2 votes
2 answers
731 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, ...
achao's user avatar
  • 151
1 vote
2 answers
356 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 ...
JSNinja's user avatar
  • 129
27 votes
2 answers
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 ...
Ira's user avatar
  • 273
2 votes
3 answers
319 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 ...
David Gay's user avatar
  • 173
1 vote
1 answer
547 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 ...
Bob's user avatar
  • 11
3 votes
1 answer
63 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 ...
user65985's user avatar
  • 171
1 vote
0 answers
89 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 ...
contributed too much's user avatar
0 votes
1 answer
76 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. ...
JonH's user avatar
  • 1,395
1 vote
3 answers
198 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 ...
Joe's user avatar
  • 13
1 vote
6 answers
1k 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 ...
Is It Me's user avatar
  • 189
4 votes
1 answer
431 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 ...
ChicSheikh's user avatar
3 votes
1 answer
114 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 ...
MonkeyZeus's user avatar
  • 8,473
1 vote
2 answers
273 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 ...
Nikolay Rys's user avatar
10 votes
5 answers
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 ...
kylex's user avatar
  • 285
1 vote
0 answers
27 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 ...
nick2225's user avatar
  • 143
2 votes
1 answer
35 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 ...
Bouzid Zitouni's user avatar
1 vote
1 answer
124 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 ...
Sanjit Ariwa's user avatar
4 votes
1 answer
89 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, ...
user99975's user avatar
2 votes
3 answers
238 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 ...
CL40's user avatar
  • 135
0 votes
1 answer
63 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 ...
user10930212's user avatar
1 vote
1 answer
218 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 ...
nonopolarity's user avatar
  • 1,593
1 vote
2 answers
513 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 ...
Darryl's user avatar
  • 113
1 vote
1 answer
84 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?
tommy's user avatar
  • 19
0 votes
0 answers
113 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 ...
newUserNameHere's user avatar
0 votes
0 answers
129 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?
The Gilbert Arenas Dagger's user avatar
2 votes
0 answers
156 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 ...
Daniel M.'s user avatar
  • 121
3 votes
2 answers
594 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 ...
AugerAlpha's user avatar
1 vote
1 answer
244 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 ...
oneCoderToRuleThemAll's user avatar
4 votes
2 answers
448 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 ...
Rose's user avatar
  • 41
0 votes
2 answers
150 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 ...
jgozal's user avatar
  • 209
2 votes
1 answer
564 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?
jgozal's user avatar
  • 209
0 votes
1 answer
61 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 ...
user avatar

1
2 3 4 5