Hello,
I just realized that I had increased my contribution limit to 19% late last year to reach max contribution limit and never changed it in 2020. So I have been contributing very high amount. I also learned that it’s a mistake as I will reach my max contribution limit soon and have to reduce my contribution for rest of the year but it also means that I can’t get the full company match which will be a loss for me.
What are my options?
Is it possible to reduce my 401k pretax contribution balance by making an adjustment (don’t know the technical word) by payroll so I can contribute at least 6%(to get full company match) for rest of the year and don’t lose my employer match?
Should I continue to over contribute(reduce to needed 6%) rest of the year to get full company match and request return of an excess contribution with adjusted W2 next year?
or Should I not worry about the company match loss and reduce the contribution to max $19,500 in 2020?
Thanks!
