If I have two 401ks (current job and previous job), does the 19k limit apply to both of them together or 19k each?

If I were to rollover a pension lump sum into one of those 401ks, is counted towards the $19k limit? Or is rollover classified differently and I could still continue to contribute to my current 401k?

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You have a total 20.5k limit. Not sure how you could contribute to a former employer plan anyway. Rollovers are not contributions. You are just moving money from one plan to another

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I think what you are saying is that you moved jobs in the same year (let's say 2021).

If you contributed 5k in the first 5 months of 2021 to the first job, and then 10k in the next 7 months of 2021 to the second job, they would be added together to count against your annual limit.

Rollovers do not count toward your annual contribution because it is moving from one retirement plan to another. Only INITIAL contributions into a retirement plan count against the annual limitation. Hope that helps and congratulations on the new job!

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You would only contribute to your current plan, your old jobs 401k will no longer receive contributions. You either have the option to rollover the old 401k into the new one (if your current employer allows, not all plans accept this), or you could roll the old 401k into an IRA. The IRA would allow you to select your own investments, and you could roll over additional 401k plans if you were to change companies again later.

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Total <= 19.5K

20.5, and that’s only for your contributions. Match and other account types like after tax go above.

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Thank you folks!!

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