Federal review states taxpayer elective deferrals to individual 401k should not be more than $18000, but since I turned 50 in 2016 I believe I'm allowed $24000?

brettborup · ‎June 4, 2019

TomD8 · ‎June 4, 2019

Catch-up contributions for those age 50 and over

If permitted by the 401(k) plan, participants who are age 50 or over at the end of the calendar year can also make catch-up contributions. The additional elective deferrals you may contribute is:

$6,000 in 2015 - 2017 to traditional and safe harbor 401(k) plans
$3,000 in 2015 - 2017 to SIMPLE 401(k) plans

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

View solution in original post

TomD8 · ‎June 4, 2019

Catch-up contributions for those age 50 and over

If permitted by the 401(k) plan, participants who are age 50 or over at the end of the calendar year can also make catch-up contributions. The additional elective deferrals you may contribute is:

$6,000 in 2015 - 2017 to traditional and safe harbor 401(k) plans
$3,000 in 2015 - 2017 to SIMPLE 401(k) plans

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Expert does your taxes

Do it yourself

Resources

Support

Federal review states taxpayer elective deferrals to individual 401k should not be more than $18000, but since I turned 50 in 2016 I believe I'm allowed $24000?