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If I have a 401k for a partial year can I still contribute the maximum amount?
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I will only have a 401k for part of this year. Am I still able to contribute up to the maximum contribution limit ($18,500 in 2018 this year) even though I only will have the plan for part of the year?
I moved from a job that did not have a 401k plan to a job that does have a 401k plan. I have not contributed to any other IRA or 401k so far this year.
401k
asked 2 hours ago
Jordan Brough
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up vote
1
down vote
favorite
I will only have a 401k for part of this year. Am I still able to contribute up to the maximum contribution limit ($18,500 in 2018 this year) even though I only will have the plan for part of the year?
I moved from a job that did not have a 401k plan to a job that does have a 401k plan. I have not contributed to any other IRA or 401k so far this year.
401k
asked 2 hours ago
Jordan Brough
1062
New contributor
Jordan Brough is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |Â
up vote
1
down vote
favorite
up vote
1
down vote
favorite
I will only have a 401k for part of this year. Am I still able to contribute up to the maximum contribution limit ($18,500 in 2018 this year) even though I only will have the plan for part of the year?
I moved from a job that did not have a 401k plan to a job that does have a 401k plan. I have not contributed to any other IRA or 401k so far this year.
401k
asked 2 hours ago
Jordan Brough
1062
New contributor
Jordan Brough is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I will only have a 401k for part of this year. Am I still able to contribute up to the maximum contribution limit ($18,500 in 2018 this year) even though I only will have the plan for part of the year?
I moved from a job that did not have a 401k plan to a job that does have a 401k plan. I have not contributed to any other IRA or 401k so far this year.
401k
401k
asked 2 hours ago
Jordan Brough
1062
New contributor
Jordan Brough is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 2 hours ago
Jordan Brough
1062
New contributor
Jordan Brough is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 2 hours ago
Jordan Brough
1062
New contributor
Jordan Brough is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 2 hours ago
Jordan Brough
1062
asked 2 hours ago
Jordan Brough
1062
1062
New contributor
Jordan Brough is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
Jordan Brough is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Jordan Brough is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |Â
add a comment |Â
1 Answer
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up vote
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I moved from a job that did not have a 401k plan to a job that does
have a 401k plan. I have not contributed to any other IRA or 401k so
far this year.
Because you have not contributed any money to a 401K plan this year, you can put the full amount into your 401K by the end of the year. Keep in mind that that for the purposes of the $18,500 or $24,500 limit it includes all the money you contribute to a 401K, 403, 467, or US Government TSP.
Your contribution to a 401K plan doesn't impact the amount of money you can put into an IRA, but participation in a 401K plan can impact if the contribution to an IRA is deductible.
Note that some companies limit the maximum percentage of each check that you can contribute into the 401K. Therefore the limited number of checks left in the year could make it hard to reach the limits. Also a paycheck with a date in 2019 is a contribution in 2019, even if all the working hours are in 2018.
answered 1 hour ago
mhoran_psprep
63.3k887164
Good answer. Please pay attention to the last paragraph, first sentence. Plan rules may preclude you from contributing the max.
– Pete B.
1 hour ago
add a comment |Â
1 Answer
1
active
oldest
votes
1 Answer
1
active
oldest
votes
active
oldest
votes
active
oldest
votes
up vote
3
down vote
I moved from a job that did not have a 401k plan to a job that does
have a 401k plan. I have not contributed to any other IRA or 401k so
far this year.
Because you have not contributed any money to a 401K plan this year, you can put the full amount into your 401K by the end of the year. Keep in mind that that for the purposes of the $18,500 or $24,500 limit it includes all the money you contribute to a 401K, 403, 467, or US Government TSP.
Your contribution to a 401K plan doesn't impact the amount of money you can put into an IRA, but participation in a 401K plan can impact if the contribution to an IRA is deductible.
Note that some companies limit the maximum percentage of each check that you can contribute into the 401K. Therefore the limited number of checks left in the year could make it hard to reach the limits. Also a paycheck with a date in 2019 is a contribution in 2019, even if all the working hours are in 2018.
answered 1 hour ago
mhoran_psprep
63.3k887164
Good answer. Please pay attention to the last paragraph, first sentence. Plan rules may preclude you from contributing the max.
– Pete B.
1 hour ago
add a comment |Â
up vote
3
down vote
I moved from a job that did not have a 401k plan to a job that does
have a 401k plan. I have not contributed to any other IRA or 401k so
far this year.
Because you have not contributed any money to a 401K plan this year, you can put the full amount into your 401K by the end of the year. Keep in mind that that for the purposes of the $18,500 or $24,500 limit it includes all the money you contribute to a 401K, 403, 467, or US Government TSP.
Your contribution to a 401K plan doesn't impact the amount of money you can put into an IRA, but participation in a 401K plan can impact if the contribution to an IRA is deductible.
Note that some companies limit the maximum percentage of each check that you can contribute into the 401K. Therefore the limited number of checks left in the year could make it hard to reach the limits. Also a paycheck with a date in 2019 is a contribution in 2019, even if all the working hours are in 2018.
answered 1 hour ago
mhoran_psprep
63.3k887164
Good answer. Please pay attention to the last paragraph, first sentence. Plan rules may preclude you from contributing the max.
– Pete B.
1 hour ago
add a comment |Â
up vote
3
down vote
up vote
3
down vote
I moved from a job that did not have a 401k plan to a job that does
have a 401k plan. I have not contributed to any other IRA or 401k so
far this year.
Because you have not contributed any money to a 401K plan this year, you can put the full amount into your 401K by the end of the year. Keep in mind that that for the purposes of the $18,500 or $24,500 limit it includes all the money you contribute to a 401K, 403, 467, or US Government TSP.
Your contribution to a 401K plan doesn't impact the amount of money you can put into an IRA, but participation in a 401K plan can impact if the contribution to an IRA is deductible.
Note that some companies limit the maximum percentage of each check that you can contribute into the 401K. Therefore the limited number of checks left in the year could make it hard to reach the limits. Also a paycheck with a date in 2019 is a contribution in 2019, even if all the working hours are in 2018.
answered 1 hour ago
mhoran_psprep
63.3k887164
I moved from a job that did not have a 401k plan to a job that does
have a 401k plan. I have not contributed to any other IRA or 401k so
far this year.
Because you have not contributed any money to a 401K plan this year, you can put the full amount into your 401K by the end of the year. Keep in mind that that for the purposes of the $18,500 or $24,500 limit it includes all the money you contribute to a 401K, 403, 467, or US Government TSP.
Your contribution to a 401K plan doesn't impact the amount of money you can put into an IRA, but participation in a 401K plan can impact if the contribution to an IRA is deductible.
Note that some companies limit the maximum percentage of each check that you can contribute into the 401K. Therefore the limited number of checks left in the year could make it hard to reach the limits. Also a paycheck with a date in 2019 is a contribution in 2019, even if all the working hours are in 2018.
answered 1 hour ago
mhoran_psprep
63.3k887164
answered 1 hour ago
mhoran_psprep
63.3k887164
answered 1 hour ago
mhoran_psprep
63.3k887164
answered 1 hour ago
mhoran_psprep
63.3k887164
63.3k887164
Good answer. Please pay attention to the last paragraph, first sentence. Plan rules may preclude you from contributing the max.
– Pete B.
1 hour ago
add a comment |Â
Good answer. Please pay attention to the last paragraph, first sentence. Plan rules may preclude you from contributing the max.
– Pete B.
1 hour ago
Good answer. Please pay attention to the last paragraph, first sentence. Plan rules may preclude you from contributing the max.
– Pete B.
1 hour ago
Good answer. Please pay attention to the last paragraph, first sentence. Plan rules may preclude you from contributing the max.
– Pete B.
1 hour ago
add a comment |Â
Jordan Brough is a new contributor. Be nice, and check out our Code of Conduct.
Jordan Brough is a new contributor. Be nice, and check out our Code of Conduct.
Jordan Brough is a new contributor. Be nice, and check out our Code of Conduct.
Jordan Brough is a new contributor. Be nice, and check out our Code of Conduct.
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