Ask Experts Questions for FREE Help !
Ask
    DCrosson's Avatar
    DCrosson Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 19, 2008, 12:04 PM
    End of the Year Efforts at maxing out 401(k) contributions
    I am contributing regularly to my 401(k) plan, but the amount does not come close to the limits set by the federal government. Can I get my contributions to the limit between now and the end of the year? In other words, what happens if I am like $10,000 short of the limit but only have $5,000 in pay still due through the remaining paychecks due me? Can I put money I've saved into my 401(k) and get credit for it as pre-tax dollars?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Oct 19, 2008, 03:46 PM

    No - sorry. Remember that a 401(k) is a form of deffered salary plan, so the only way to contribute is by defferring pay from your paychecks between now and the end of the year. You can't take money from other soures and add them to your current year contributions (although you may be able to roll in funds from another retirement plan into, but that's a different topic). You should certainly look into maxing your contributions as best you can - most plans have a max contribution they allow you to put into the 401(k) as a percent of salary - your plan administrator should be able to tell you what the max is.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Slow Draining Bathroom Sink Defies All Efforts to Fix [ 3 Answers ]

Bathroom sink drains slowly. I have dumped chemicals, used a plunger, tried blowing out with scuba tank air hose and it still drains slowly. I brought the garden hose in and turned it on full after sticking down the drain and blocking off any leaks. The water (lots) goes through the pipe OK...

401K contributions [ 1 Answers ]

How much time can elapse after an employer deducts employee 401k contributions from employee pay, to send those funds to a third party investor?

Study of world Religions and aid in the efforts of global social justice and peace [ 2 Answers ]

Hi I am writing an essay on global social justice and peace and the role of studying world religions. I am having difficulty in starting my essay. I would appreciate if I can get some help. Thank You Jay

401k Contributions [ 2 Answers ]

If I did not max out my 2006 401K contributions, is there a provision with the IRS to add money to the 401K for last year prior to filing my taxes?

Roth IRA contributions [ 1 Answers ]

I have contributed $4000 in my Roth IRA for 2006. Now I find out that it would be better for me to pay the income tax on an inherited annuity rather than having the estate pay the higher income tax rate. The annuity will be about $175,000, and that would put me over the limit for contributing...

View more questions Search