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New Member
posted Feb 3, 2020 7:24:32 PM

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?

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1 Best answer
Expert Alumni
Feb 3, 2020 7:45:34 PM

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). 

1 Replies
Expert Alumni
Feb 3, 2020 7:45:34 PM

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).