401k rollover and the maximum contribution limit. Forum
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Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned.
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Anonymous User
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401k rollover and the maximum contribution limit.
I just recently started a new job. I contributed about $15k this year towards my old employer's traditional (pre-tax) 401k. I'm going to roll over the entire 401k into my Roth IRA (I know I'll have to pay tax on it). My new employer has a Roth (after-tax) 401k option, which is what I'll be investing in. How much more money can I contribute towards my new employer's 401k this year? Is it $18k or $3k? (I'm not sure if the rollover puts me back at $0 of contributions towards the $18k limit for this year.)
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Tiago Splitter
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Re: 401k rollover and the maximum contribution limit.
You can contribute 18k to your 401k for 2015. So if you've contributed 15k you can only contribute another 3k. You may be able to toss another $5500 in your Roth IRA if that's what you're looking to do, but that would be it.
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Anonymous User
- Posts: 432820
- Joined: Tue Aug 11, 2009 9:32 am
Re: 401k rollover and the maximum contribution limit.
So, I wouldn't be at $0 of contributions towards my 401k after the rollover (since all the 401k money contributed this year was moved to my IRA account)?Tiago Splitter wrote:You can contribute 18k to your 401k for 2015. So if you've contributed 15k you can only contribute another 3k. You may be able to toss another $5500 in your Roth IRA if that's what you're looking to do, but that would be it.
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Tiago Splitter
- Posts: 17148
- Joined: Tue Jun 28, 2011 1:20 am
Re: 401k rollover and the maximum contribution limit.
Nope. You can't ever get over 18k for the year.Anonymous User wrote:So, I wouldn't be at $0 of contributions towards my 401k after the rollover (since all the 401k money contributed this year was moved to my IRA account)?Tiago Splitter wrote:You can contribute 18k to your 401k for 2015. So if you've contributed 15k you can only contribute another 3k. You may be able to toss another $5500 in your Roth IRA if that's what you're looking to do, but that would be it.
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