What is an additional contribution to qualified retirement accounts? Would this include if I increased how much is going into my 401K through my employer?

palmtree280 · ‎February 3, 2020

MinhT1 · ‎February 3, 2020

The additional contribution (or catch-up contribution) is the extra amount that taxpayers who are 50 and over are allowed to contribute to their qualified retirement plan. For a 401(k), taxpayers aged 50 and over can contribute an additional $6,000 (on top of the $19,000 regular contribution).

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View solution in original post

MinhT1 · ‎February 3, 2020

The additional contribution (or catch-up contribution) is the extra amount that taxpayers who are 50 and over are allowed to contribute to their qualified retirement plan. For a 401(k), taxpayers aged 50 and over can contribute an additional $6,000 (on top of the $19,000 regular contribution).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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What is an additional contribution to qualified retirement accounts? Would this include if I increased how much is going into my 401K through my employer?