UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76621  
Subject: Re: Maximum amount for 401K? Date: 7/11/2000 7:11 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Kristl1952 asks:

<<While I am keeping track of what we're putting in, how would I keep us from going over the limit when I saw it getting close? >>

The payroll department of most employers keeps track of this and normally will automatically stop the contributions when they reach the maximum level. Have your hubby ensure this is the case with his company. If not, you will have to keep track and stop the contribution. Alternatively, you could wait (I don't recommend this) until the plan goes through its compliance tests for the year. At that time, the over-contribution would be refunded. The problem, though, is it would then have to be claimed as income and you may have already sent in your tax return for the year. Thus, if the company doesn't keep track, then you should.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next


The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Saul's Investing Discussions

A Board that Makes You Think
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.