CatchUp401k.com - Your Catch up 401k Guide

Google 

401k catch up contribution SIMPLE 401k catch up Roth 401k catch up  
   

 


Other 401k Resources

401k withdrawal

401k rollover


 

 

 

 

 

    

     401k Catch Up Contributions

If you are older than 50 years or will be 50 by the end of the tax year, then the IRS has a special provision allowing you to contribute to your 401k above and beyond the typical dollar limits set for your 401k plan. These contributions are called "401k catch up contributions".

401k Catch up contributions for traditional 401k plans or safe harbor 401k plans:

According to the IRS, for 2014 the 401k contribution limit is $17,500 (this is unchanged from the 2013 401k contribution limits of $17,500).This is the maximum amount you can contribute to your safe harbor or traditional 401k plan. However, if you are 50 years old or older, or you will be 50 during the current year then you are allowed to defer an additional $5,500 from your salary into your company's 401k plan in 2014 provided your company's 401k plan allows for catch up contributions. Not all 401k plans offer catch up contributions nor are they required by law to do so. The $5,500 2014 401k catch up contribution limit is unchanged from the $5,500 allowed for 2013.

 

Similarly, the 2014 catch up contribution limit for participants in 403b, most 457 plans, and the federal government’s Thrift Savings Plan (TSP) are also $5,500.

 

     What if your employer does not offer 401k catch up contributions?

In the event that your employer does not offer catch up contributions in your traditional 401k plan then you may be eligible to defer the extra catch up contribution amount if you work for more than one employer and participate in 2 different 401k plans. So, if you are 50 years or older then instead of having a maximum deferral amount of $17,500 for both 401k plans, you can actually defer the maximum limit of $17,500 plus the extra $5,500 catch up contribution amount.

 

 

 

 

Forward this page

 

This website is intended to provide general information about 401k and IRA retirement plans. Nothing on this site should be considered legal, financial or tax advice. Please consult your tax or financial advisor for professional advice. While we strive to periodically update the information on this website, CatchUp401k.com makes no representation or warranties as to the accuracy, reliability, or completeness of any information on this site.

Privacy Policy

Contact: catchup[at]catchup401k.com

Copyright  2014, CatchUp401k.com. All rights reserved - Sitemap