If you can cite IRS publications, you know more than my CPA and I do
I am 50 yo
I am changing employers and new employer has a SIMPLE IRA
old employer is a 401k and I also started a catch up contribution- will be maxed out if I stay (ytd contributions are $2616 401k, $1125 catch up $3778 Roth 401k)
SIMPLE IRA starts once hired
Max 401k is $26.000
Max SIMPLE is $16,500
My CPA said without much research just stay under the $16,500 for the year and max out SIMPLE for 2024
edit to add- found this, need to confirm it is current
Quote:
If Joe Saver, who’s over 50, has only one employer in 2020 and participates in that employer’s 401(k) plan, the plan would have to permit catch-up contributions before he could defer the maximum of $26,000 for 2020 (the $19,500 regular limit for 2020 plus the $6,500 catch-up limit for 2020). If the plan didn’t permit catch-up contributions, the most Joe could defer would be $19,500. However, if Joe participates in two 401(k) plans, each maintained by an unrelated employer, he can defer a total of $26,000 even if neither plan has catch-up provisions. Of course, Joe couldn’t defer more than $19,500 under either plan and he would be responsible for monitoring his own contributions.
The rules relating to catch-up contributions are complex and your limits may differ according to provisions in your specific plan. You should contact your plan administrator to find out whether your plan allows catch-up contributions and how the catch-up rules apply to you.
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