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Yes, this is possible if you earn enough and the plans allow it. Your total contribution amount, 401k plus 403b can not exceed the $15,500 ($20,500 if over age 50) for 2008.
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If you do not contribute to your 401-k can you contribute to an IRA?
You can contribute to both a 401K and an IRA at the same time (same year).
Can you contribute to all 401a 403b and 457b if YES is there a total contribution limit?
Yes you can contribute to all three however the 401k and the 403b share the same elective deferral limit (402(g) Limit) of 16,500 plus 5,500 for over age 50. 457 have a different limit (it's call a 457 limit) plus a separate age 50 catch up (only for governmental 457 plans) so your totals are 16,500 plus 5,500 for 401k and 403b 16,500 plus 5,500 for 457. Total $44,000
Can you contribute to both an IRA and a 403b in the same year?
Yes. Whether or not you can deduct the IRA contribution depends on a variety of factors. Whether or not you can contribute to a Roth IRA depends on your income (or that of you and your spouse combined, if you are married). More information: http://beginnersinvest.about.com/cs/iras/a/iracontribution.htm
What happens if you contribute more than the 15500 to your 401k?
Most company HR departments have safeguards in place that will prevent this from happening. Also, most investment managers have the same safeguards in place. If these safeguards fail to catch it, then you will be taxed on the amount above the $15,500 that you contribute and may even have to withdraw the additional contribution from your 401k.
Can you contribute to both IRA and 401k at the same time?
yes, but there are earned income limits that may prevent you from deducting a Traditional IRA on your taxes if you were covered by a 401(k) As discussed here - http://www.savingtoinvest.com/2011/07/contributing-to-an-ira-and-roth-ira-if-you-already-have-a-401k.html - you can contribute to both (limits are different) based on income levels and meeting eligiblity rules.
If you do not contribute to your 401-k can you contribute to an IRA?
You can contribute to both a 401K and an IRA at the same time (same year).
Can you contribute to all 401a 403b and 457b if YES is there a total contribution limit?
Yes you can contribute to all three however the 401k and the 403b share the same elective deferral limit (402(g) Limit) of 16,500 plus 5,500 for over age 50. 457 have a different limit (it's call a 457 limit) plus a separate age 50 catch up (only for governmental 457 plans) so your totals are 16,500 plus 5,500 for 401k and 403b 16,500 plus 5,500 for 457. Total $44,000
Can you contribute to both an IRA and a 403b in the same year?
Yes. Whether or not you can deduct the IRA contribution depends on a variety of factors. Whether or not you can contribute to a Roth IRA depends on your income (or that of you and your spouse combined, if you are married). More information: http://beginnersinvest.about.com/cs/iras/a/iracontribution.htm
Does the IRS take taxes from your pension or 403B?
A 403B plan is a tax deferred retirement program that allows certain employees of schools and some non-profit organizations to defer taxes on income earned working for these organizations. It is almost the same thing as a 401K program. These plans allow income to be sheltered from income taxes until you withdraw this income from the plan. Pensions and 403B plans are not taxed until you receive the income.
What happens if you contribute more than the 15500 to your 401k?
Most company HR departments have safeguards in place that will prevent this from happening. Also, most investment managers have the same safeguards in place. If these safeguards fail to catch it, then you will be taxed on the amount above the $15,500 that you contribute and may even have to withdraw the additional contribution from your 401k.
Can you contribute to both IRA and 401k at the same time?
yes, but there are earned income limits that may prevent you from deducting a Traditional IRA on your taxes if you were covered by a 401(k) As discussed here - http://www.savingtoinvest.com/2011/07/contributing-to-an-ira-and-roth-ira-if-you-already-have-a-401k.html - you can contribute to both (limits are different) based on income levels and meeting eligiblity rules.
Whit is the 403b contribution limits for 2010?
Same as for 2009. No change.
What is the 2011 maximum 403b contribution for age 50 and over?
The maximum 403b contribution and catchup will stay the same for 2011. $16,500 + 5500 catch-up
What is the 401k maximum contribution for 2009?
The 401(k) maximums for 2009 was established based on a cost of living adjustment. The 2009 Basic maximum 401K contribution amount is set at $16,500. Catch up contributions allow a maximum of an additional $5,500. Catch up contributions would bring the total to $22,000 but you must be 50 years old and above for the additional allowed contribution amount. The 401k Basic maximum contribution figure is also true for the 403b (used by non-profits and educational institutions). But with the 403b there is also a $40,000 "catch up" provision and a 15-year (same employer) "catch up" provision. These are a bit confusing and are best explained by to the employee by the Third Party Administrator (TPA). In 2009 the entire 403b administration rules changed, too. The basic rules are explained more thoroughly at other sites on the web, but beware of the ever changing nature of these regulations and that postings on the internet are often out-of-date. One site, money-zine, (http://www.money-zine.com/Financial-Planning/Retirement/403b-Contribution-Rules/), which came up on a search on 3-27-09 and it is fairly comprehensive, doesn't include the 401k or 403b Roth after-tax contributions that can now be made or the TPA rules. To get the 'right answer' regarding 403b contribution maximums, please do more than Google searches and reading internet information. The IRS.gov site is helpful and has specific rules, but it really takes a knowledgeable TPA to give the correct information for an individual's specific situation. Per the referenced article another important point to remember regarding your 401k maximum contribution limit - the combined total maximum contribution that you can make each year to ALL 401k plans in which you participate, including standard 401k plans and Roth 401k plans - is the lower of: (1) the maximum percentage contribution limit allowed under each of your employers' plans, or (2) the dollar limits shown in the table above. For example, if your employer's 401k plan allows you to contribute up to a maximum of 10% of your salary, and you earn $50,000, your maximum contribution limit is $5,000, not the $16,500 contribution limit in 2009 that applies only to higher-paid employees
Is a 401K the same as an IRA?
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
Could you contribute to both a roth and IRA same year?
You can contribute to both traditional and Roth IRAs in the same year. However, you total contribution to all IRA plans must not exceed the maximum contribution limit of $5,000 ($6,500 if over 50).
Will my 401K automatically roll over to Roth IRA?
One needs to roll their 401k to an IRA. One needs to physically authorize the removal of the 401K funds to the new location. If the IRA is at the same institution as the 401k, less paper work may be involved.
