John Galt III
Thinks s/he gets paid by the post
- Joined
- Oct 19, 2008
- Messages
- 2,799
Hi,
If I let my current 401K contributions continue as they are, I will go over $16,500 for 2010 pretty soon. As you know, $16,500 is the max allowed by IRS for 2010. Will my employer cap my contributions at $16,500 or will my 401K just continue to grow, but without the amount over $16,500 being tax deferred ?
Yes, I know about the $5,500 catchup contributions and yes, I am over 50, but I want to ask the question as though the catchup is not on the table.
(I am asking you guys instead of my employer, since they have proven to be clueless about the 401K in the past.)
Thanks
If I let my current 401K contributions continue as they are, I will go over $16,500 for 2010 pretty soon. As you know, $16,500 is the max allowed by IRS for 2010. Will my employer cap my contributions at $16,500 or will my 401K just continue to grow, but without the amount over $16,500 being tax deferred ?
Yes, I know about the $5,500 catchup contributions and yes, I am over 50, but I want to ask the question as though the catchup is not on the table.
(I am asking you guys instead of my employer, since they have proven to be clueless about the 401K in the past.)
Thanks