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My calculation based on the two retirement accounts (Vanguard and Empowerment) from my two employers in 2019 ends up being $1223 EXCESS contribution. Which one is right?
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For 2019, if you are a W-2 employee, your total 401(k) contributions are limited to $19,000, plus an additional $6000 if you are 50 years old or older. That includes both employer and employee money.
The employer matching contributions are separate from the individual's $19,000 and $6,000 limits. Each plan is separately subject to an overall limit of the lesser of $56,000 plus catch-up or the employee's compensation. TurboTax only checks deferrals against the $19,000-plus-catch-up limit for amounts reported in box 12 of the individual's Forms W-2.
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