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URL:  https://boards.fool.com/iow-is-the-10500-max-per-employer-or-for-the-16124539.aspx

Subject:  Re: Did I put too much into 401K?? Date:  11/16/2001  3:06 PM
Author:  JDOyster Number:  13646 of 26351

IOW, is the $10,500 max per employer or for the year in total?

The $10,500 cap is per person, regardless of the number of employers/401k plans. I've just been going through the same thing myself (although, in my case, it was jiggering my percentage so I don't go over the limit).

You have to fix the mistake, and the best way to handle it is probably to call the HR department of your current employer and figure out what options exist within your current plan. I don't think there is a financial penalty...you just have to undo the damage.

It'll go more smoothly if you try to fix it this year rather than waiting until next year, because you'll have to deal with amended tax returns and stuff like that.

Good Luck,
JDOyster






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