No. You can contribute a maximum of $19,500 spread among all your 401(k) plans. If you overcontribute, you will have to withdraw the money or pay a penalty. Employees [fixed typo] age 50 and over can make an additional catch-up contribution of $6,500.
If you want to contribute more, you can contribute to an individual retirement account (IRA) even if you max out you 401(k) contribution.
The IRS says:
The limit on employee elective deferrals (for traditional and safe harbor plans) is:
- $19,500 in 2021 and 2020 ($19,000 in 2019), subject to cost-of-living adjustments
Generally, you aggregate all elective deferrals you made to all plans in which you participate to determine if you have exceeded these limits. If a plan participant’s elective deferrals are more than the annual limit, find out how you can correct this plan mistake.
See: Deferral limits for 401(k) plans
