Hi! I'm a first-time poster. Hope this isn't too long winded! I've also posted this to the "Ask A Foolish Question" board but no response so far. Any & all responses are appreciated as are suggestions for other sources of information.Background: I'm a 10% shareholder in a small company of 15 employees. We have a 401(k) plan where owners and non-owners participate and the maximum annual contribution a person can choose to make is $10,500 or 15% of their gross (whichever is less).Question 1: I want to contribute 15% of my salary to my 401(k) account. The average "non-owner" participant is contributing 7%. Am I limited to a 7% annual contribution, or can I go for 15%?Question 2: Are profit-sharing distributions also confined to this 7% limit, or can I use those to max out my annual 401(k) contribution?Thanks in advance for you help!
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