{ "media_type": "text", "post_content": "Are we capped at the tax deductible limit in 401k contributions or can we contribute more albeit taxable", "post_id": "5c00082f572f5000127cfe21", "reply_count": 10, "vote_count": 1, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting" }

Are we capped at the tax deductible limit in 401k contributions or can we contribute more albeit taxable

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Aren't you supposed to be a tax manager?? But seriously I have no idea

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I’d consult with a licensed CPA.

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You have the option to contribute after tax but why would you? Locking yourself into a restrictive set of investments doesn’t seem very wise when there are so many better, low-cost options out there. If you are hellbent on doing it, it should be an option in whatever self-service portal you change your contribution rate.

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You can contribute more but you have to pick it up as income if it’s contributed pretax

No, the limit for pre-tax and Roth contributions is the same. You can't put more into your 401k. It will be returned to you if they accept it in error

Source: I audited EBPs

Why? The market has sucked the last 2 months. Unless you’re just trying to reduce taxable income...

SA1 you are incorrect.

Post Photo

It’s plan specific. Like the screenshot says - yes the actual limit is higher then the 18500/19000 widely published. The garter tax contribution limits are higher. But not all plans support this contribution

SA1 prob audited a plan that requires to be returned per plan doc. Besides the bright line rules like in screenshot above I think it's up to your plan doc to figure it out.

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