What happens if you accidentally save more than the allowed 401k amount for the year? I just recently realized it takes a few days for my contribution to show up so I thought I was going to be behind and increased my contribution amount. Now I’ll be over the $19,500 limit and can’t change my contributions before end of the year.

like
Posting as :
works at
You are currently posting as works at

Straight to jail.

likefunny

Thanks 😂

funny

I saw on here someone saying that payroll automatically stops taking your contribution after the max

like

Good to know. I’ll have to check with my employer and see if they do the same

like

Once you max out pre-tax deduction there could be a spillover election that allows you to keep contributing to 401k but the contributions are post tax. Check with your plan administrator.

like

What

??

funny

Depends on the company/administrator. Some will automatically cut off your contribution at the max so it’s no issue to you.

If that’s not the case, the administrator returns the overage to you, adjusted for any change in market value, and you pay taxes. You may also be charged for a withdrawal penalty.

This happened to me one year. I called Vanguard (where my plan was held) and told them the situation. They sent me a check for the amount I was over by, and I cashed it. That’s about it

My employer stops payroll deductions when the limit is reached. One year, I switched jobs, so new employer didn’t know about prior contributions and I had to monitor. If you go over, call the plan administrator, they have a process. Just did that with Vanguard for similar issue with Roth IRA.

I believe some organizations continue the deduction but tax the contribution. You can contribute how ever much you want, but only 19,500 is pre-tax.

Yep you can contribute up to 99% of your pay to a 401(k), the max applies to pre-tax benefits.

Every plan handles these things differently but you need to contact your benefits administrator immediately to handle before the last paycheck of the year.

Related Posts

Considering to join PWC. What are some benefits that PWC offer? (e.g. paid time off for senior, insurance, and so on)

like

How is Golin Healthcare these days fishies?

like

Does Deloitte offer any fitness fund reimbursement and if so, how much is it? Can we purchase home office equipment with it? Would I be able to get stuff reimbursed this calendar year (my start date is Nov. 8th)?

likesmart

Any doctors in here? 31/M and get occasional sharp chest pains. Any notion to what my outlook for causes are? No health insurance currently and little in reserves.

like

Where can i apply for internet reimbursement in jpmc? Do we need to check any eligibity for this?

like

What are everyone's thoughts on making the Monthly Child Tax Credit permanent? I think it is an important step to care for the families in our area, but I know not everyone believes in this program

likeuplifting

I make $140k in New York. Should I invest a Traditional 401K or a Roth 401K or do a split?

like

Best consulting companies for Healthcare related projects ?

I personally feel that it's absolutely ludicrous the US government is not enforcing or at least asking people to wear masks in healthcare environments like at the pharmacy, doctor's offices, or the hospital. We all wear ours behind the counter but I had a patient come in today WITH covid to pick up her prescription, no mask. I get that she already has it so she isn't worried, but what about the other people around??

like

*Keeping an eye open for new opportunities*
I have my Bachelor's degree in Healthcare Administration along with 13 years of experience in healthcare. My experience ranges from medical coding, biller/AR specialist, patient financial advocate, and since 2019 my role is in the Quality department as a health care data analyst.

like

Hi all, I am looking for feedback/advice on if I am approaching investing right? I know it may seem like I have an idea but I am self-doubting and would appreciate any pivots/advice.

Savings: $14k

Emergency Fund Saved: $12k (on top of 14k in savings)

Stock Portfolio Worth: $70k (Only $5k in ETF, rest in various Stocks)

401k: $12k (I have only been working for 1.5 years out of college

Debt: Thankfully none

Majority of my portfolio is Apple, Microsoft, and about 15 other stocks...continued

like

How does one declare investments regarding ppf and HRA, i joined UST on 11 april and my payroll portal is still not active ( HR told post first salary it will be active ) .
I want to avoid getting alot of tax deducted in my forst salary, could anyone suggest the same.

UST

Does anyone feel like they need to keep saving more, even though you’re already doing what you can (maxing 401k, emergency, building up a nest egg, investing, etc etc etc)? How do you know when you’re good and it’s enough?

like

Has anyone used the Warton Group to purchase 401k leads? How was your experience?

Who is looking for a new sales opportunity?
I have openings on our sales team. High intensity environment, startup culture. Great for someone looking to build new skill sets or recent grad looking to move into sales. Holding brief 10 minute calls to go over more details. $60K base, full benefits, uncapped commission. Must be NY based. Comment if you’d like a DM to discuss more

like

I’ve been in healthcare for 7 years and I’m looking to transition to another industry, preferably tech. Any advice or referrals? I have been applying consistently for the past couple of months with a few interviews here and there but no luck

like

Expecting the 6th Jan SEC meet to rock crypto markets - liquidating and holding on GDAX in USD with Limit Orders - cash is also a position. #HODLifSTUPID

Anyone recently join Guidehouse as an experienced hire Manager? I have an interview coming up and am curious what kind of salary/benefits package i should expect. TIA!

All my six-figure salary consultant friends are ranting about how poor they feel right now because their IRAs/portfolios are down. Think the people in this industry need to take time to volunteer or engage with some tougher parts of town and understand that by virtue of even having investment accounts, that they’re more financially safe than at least 50% of America. Sad to see

likefunnysmart

What is the role/ responsibility of Assistant manager inn KGS and benefits/ perks? onsite opportunities is there?
Level: AM
Service line: Advisory
Skill: ServiceNow

like

More Posts

I almost tripped over myself because I was checking out a slice of pizza.

like

can anyone brief how do I get job in Canada?
Reaching out to consultancies will really help?
6YOE into aws profile.

like

Best city ever to date as a desi single? Doesn’t matter which country.

like

I a mid-level litigator and have an offer at a FAANG, however, I still have roughly $230,000 in student debt. If I can delay my start until June, I will receive the newest round of special bonuses and can make a lump sum payment of ~$50,000 (all principal with the 0%). If I decline the offer and stay with my firm, I can make another $50,000 payment at the end of the year. I ultimately want to be in house, preferably in tech. Would I be crazy to decline to use the bonuses to make big chunk pmnts?

like

Has anyone put solar panels on their house? What was the cost? Was your power bill completely removed? Was it worth it?

like

Hey everyone. I'm joining JPMC next week and was wondering do they provide a budget to purchase your own laptop/equipment. My manager said they don't provide laptops and that I can use my own. My laptop isn't the best so I would want to buy a new one.

like

Anyone use Homelister recently to sell a property? Any thoughts/comments appreciated.

like

Hi all! I've got an SEO question I'm hoping someone can help with:
How do you choose keywords to target in a blog when you're writing a blog that appears on multiple country specific versions of a given website? Do you use a mix of keywords from each region/country in one blog, or create different versions of the same blog with slight keyword differences based on the country?
Feel free to DM me if you want! thanks in advance from an entry level content marketer. :)

like

Transitioning from full time agency life to be a freelancer and/or part timer. How have folks negotiated their rate, hourly vs day? For reference, I’m in the Account/Project Management space and have 8+ years of experience. And I’d ideally like the rate to result in more $$ than what I was making when salaried. Thanks!

like

Is deloitte still hiring for cloud engineer roles for people that need a visa?

like

Grilled halibut tacos with so many fixins: creamy garlic fish taco sauce, red cabbage vinegar slaw, goat aged cheddar, avocado, cilantro and hot sauce. In the back some pintos with Spanish chorizo, onions and spices.

Post Photo
like

Looking for Chicago salaries for Digital Manager with 10 years experience at well known agency. Want to make sure I’m not being undervalued which I suspect I might be 😬

Which combo on fan duel: t.y. Hilton and duke johnson or stefon diggs and josh adams?

Anyone bought Everlane clothing/shoes? Opinions? I like their oxfords but not bought

like

I am from India and looking for remote jobs from US/Europe. I have 8yrs of iOS dev experience and total 13yrs of experience in software development. Can anyone here help me by referring to any vacancies? Or are share thoughts on how to proceed on this.

like

Creative directors at my agency are all around 60 years of age, haven't used any social media ever, yet they shut down our ideas as "juvenile". They are giving us no leeway and aren't budging.

like

What is the salary range for level 11 Security Analyst in Accenture?

like

I have zero knowledge in French. I have a CRS score of 467 (Scored CLB 10 in English, masters, age:32). But given current draws are happening at 500+, losing hope by the day.

I need at least 25 more points to make sure I'm safe for ITA. If I start preparing for TEF now, what are my chances of getting CLB 5 in next 3 or 4 months?

Helo Fishes,

Pls help me get 11 likes start messaging.

Thanks in advance

like

Additional Posts in Consulting

If money were no issue, what would you be doing?

like

Advice/strategies for working with a sadistic client?

like

Comp noob here. Do all startups (Series C) offer RSU/ ESOPs? 8yoe. Will be joining as a team leader part of the growth team. If they don’t, should I ask/ insist? Anyone able to share experience?

like

I swear some people are allergic to nuance.

Post Photo
likefunny

Hi all, I am looking for feedback/advice on if I am approaching investing right? I know it may seem like I have an idea but I am self-doubting and would appreciate any pivots/advice.

Savings: $14k

Emergency Fund Saved: $12k (on top of 14k in savings)

Stock Portfolio Worth: $70k (Only $5k in ETF, rest in various Stocks)

401k: $12k (I have only been working for 1.5 years out of college

Debt: Thankfully none

Majority of my portfolio is Apple, Microsoft, and about 15 other stocks...continued

like

Have you ever actually seen someone get fired for having multiple jobs?

like

Looking for some material for a crash course in IT strategy consulting - books article etc. any recommendations would be appreciated

like

Anyone taking PTO? Worried about utilization dropping, but have so many hours accrued from last year that I'll end up losing

like

going to be alt-traveling to Detroit at least once a month. need living accommodations once my marriott points inevitably run out. is Airbnb my best option?

like

Miami fishes! If you had a choice, would you stay at the Ritz Carlton South Beach? Or at the Miami Beach Edition? And why? Thanks!

like

Anyone think the demand for management consultants will die down in the future while that of technology/implementation consultants will go up?

likefunnyuplifting

Does anyone here find the headrest on their office chair super helpful? I've never had one, and can't imagine it's necessary as I shop for a new chair, but want to make sure there isn't something I'm missing.

like

Any recommendations on a good office chair below $500?

like

Does anyone know what industries / competencies got hit by the layoffs yesterday? A few people mentioned it, but no one gave any details.

like

Which is best in Los Cabos? Hyatt Ziva (all inclusive), Westin, or Sheraton

like

what’s the ratio of equity/stocks to bond/fixed income in your Merrill lynch 401k plan?Do you make any modifications or just use recommended distribution? First job with 401k and not sure what to do!

like

I was laid off during Deloitte‘s mass layoff in July of last year. I have worked as an independent contractor since and projects haven’t been consistent at the client I’m working for. I’m looking to get back into a big firm and was seeing if anyone would be able to refer me or help get my foot in the door. I was a business analyst for 1.5 years at Deloitte and have several years of additional experience which I’d be more than happy to share.

like

What's with all the BCG layoffs? My buddy was just let go....

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal