Questions tagged [contribution]
Money put into retirement plans, political campaigns or charities are known as contributions. Questions here may be around the limits of how much one can contribute in various situations to various plans they may access.
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Late IRA contribution with changing filing status and income limits
My wife and I got married in February. She has a Roth IRA, but she did not hit the contribution limits for 2023. I am considering making a late contribution to make sure we are taking full advantage ...
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Solo 401k contribution limit for high Schedule K-1 income
This is really two questions. For this post, I'm going to use a very simple example.
I have a single-member LLC with an S-corp election. I am the only employee.
In 2023, my W2 wages were $66,000. My K-...
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Excessive HSA employer contribution corrected within the same calendar year: do I have to report it in my tax form (if so, how?) and will I get fined?
I live and work in the USA. My employer erroneously made an excessive employer contribution to my HSA, which was corrected within the same calendar year, specifically 2 days after the excessive ...
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Roth 401k - Contributions are not going in as after tax?
So, I have a Roth 401k with my employer.
I always thought that the Roth meant that I am contributing after-tax dollars into the account.
I just realized the following:
For simplicity, let's assume:
I ...
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When does the IRS typically announce health FSA contribution annual limits?
Based on this and this, as of November 6, 2023, the IRS still has not announced the health FSA contribution limits for the year 2024, even though most private employers have already begun their open ...
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Contribution deadlines for Solo 401k as Single-Member LLC
I am trying to understand Solo 401k contribution deadlines for Single-Member LLC:
Pre-tax contributions to traditional solo 401k. This includes both employer and employee contributions.
After-tax ...
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Under what circumstances could an employee be able to have company provided 401k tax deductible and Trad IRA
Tax software is stating that I am able to take Trad IRA with deduction.
This seems odd as I contributed max amount to employer provided 401k. I was under the impression that fully contributing to 401k ...
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What business tax forms are impacted by adding an employer non-elective 401(k) contribution?
Bob is the owner and only employee of an S-corporation. For tax year 2023, he pays himself a salary of $150,000 and elects to defer $22,500 to a one-participant 401(k) plan. Bob also wants to add ...
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Where can I find tax year 2020 IRA contribution limits?
Where can I find tax year 2020 IRA contribution limits? IRS website shows info for only 2022 and 2021.
There are other websites that have this info but I want to be certain by confirming with IRS.
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Roth IRA contribution limit based on salary if salary changes
I was looking at the Roth IRA Contribution Limit on the schawb.com site here:
Roth IRA Contribution Limits
I can see how much I'm allowed to contribute based on my salary, but what happens if my ...
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How do I reverse an excess 401K Contribution?
I contributed around 10K with no employer match. I changed jobs in the mid year, now the I have new 401K with Match. I want to max it out so I can get the match in full. How do I take out the ...
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How to withdraw contributions from Fidelity Roth IRA? Fidelity-specific
From my understanding (correct me if I'm wrong), contributions can be withdrawn from a Roth IRA at any time without any penalty. I opened a Roth IRA with Fidelity two weeks ago and contributed $3,000 ...
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Need to amend my tax return to account for initial error reporting IRA contributions, even if tax return is correct after IRA withdrawal?
I contributed $6,000 to an IRA, however I discovered as I was filling out my tax return that I am only eligible to deduct $2,600.
I will withdraw the $3,400 from my IRA (as allowed per Pub 590a), so ...
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Can I put my raise into 401k without a change to my paycheck & taxes?
I received a 2.5% raise.
My HR website says :
per paycheck (13%) : (12% before tax + 1% Roth 401k)
and
Getting Full Company Match Yes
If I take home $X/week, change my contribution to 15.5%, will ...
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Should one max out one's 401(k) at the beginning of the year?
Assume that:
The employers catch up on the missing match at the end of the year, via as year-end true-up contributions. Should one max out one's 401(k) at the beginning of the year?
I have no idea ...
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