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I have two jobs. One is a government job that has a 403b plan. I take the maxium out ( aprox 7,000 a year I am allowed because of my gross salary). I also work part time for another company that has a 401k plan and would like to get into that plan also. What is the maxium I can put into my retirement? Can I put 10k in both because I have two jobs or is there a limit to the 10k, and how does the IRS view this?

Thanks in advance
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Greetings, Jbas1099, and welcome. You asked:

<<I have two jobs. One is a government job that has a 403b plan. I take the maxium out ( aprox 7,000 a year I am allowed because of my gross salary). I also work part time for another company that has a 401k plan and would like to get into that plan also. What is the maxium I can put into my retirement? Can I put 10k in both because I have two jobs or is there a limit to the 10k, and how does the IRS view this?>>

You may indeed participate in and contribute to both plans. BUT -- there's always one of those -- you may not contribute more than $10,500 this year to both plans combined. Thus, if you put $7K into your 403b, then the most you can put into your 401k will be $3.5K.

Take care here, as you and you alone are responsible for staying within this limit. Neither employer knows about (nor can they be expected to know about) your participation in the other plan. Thus, they will not cut off your contributions until you reach the maximum allowed under that plan alone. Over-contribute for the year, and I absolutely guarantee you will have the biggest headache for tax purposes you will probably ever encounter. Too many horror stories of people who did this exist on these boards. Just don't get yourself into that situation, though, and all will be okay. Just pay close attention to your limit and stop contributions when you get there.

Regards..Pixy
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