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If I individually have a 401k and 403b am I subject to the 17.5k limit for each separately (17.5 in both) or 17.5 total no matter what account. I also understand that the limit is only your contribution not your employers match, right?
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I pretty sure that the two plans both count towards the annual contribution limit of 17.5k.
I am definitely sure that employer contributions count towards that limit! -
The total contribution in both accounts combined can't exceed 17.5. And your employer match doesn't count towards that limit. However your contribution and your employer match can't exceed 100% of your salary or $52,000 in 2014.Originally posted by $ hoarder View PostThe easiest thing of all is to deceive one's self; for what a man wishes, he generally believes to be true.
- DemosthenesComment
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Who is the account holder for each account? Same person or a spouse?Originally posted by $ hoarder View Post
Check with HR on plan limits if its the same person
Check with a CPA
And generally, if this is for one person, the IRS has ways to calculate your plan limits if you have more than one plan, and those limits are for your own contributions. If you own the company the rules are different than if you "just work there".Comment
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I don't own a company, just work at two places with retirement plans.Comment
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