Can I change my monthly contribution to any of these plans at any time or are they employer dependent?
How do I report each of these contributions on my 1040?
Your plan administrator will be able to tell you when you can change your monthly contribution.
Please feel free to post any additional details or questions in the comment section.
What are the maximum 401(k) contribution limits for 2018?
The maximum contribution limit for 401(k) accounts in 2018 is rising to $18,500 for elective contributions, up from $18,000 in 2017. Elective contributions are money you choose to have withheld from your paycheck and invested for retirement.
For older workers 50 and up, additional catch-up contributions are permitted. Catch up contributions are additional elective contributions older workers can make on top of the $18,500 every eligible worker can invest. In 2017, older workers were allowed to make catch-up contributions of $6,000. This amount did not increase in 2018, so workers 60 and over will be allowed to contribute a maximum of $24,500 in elective contributions in 2018, compared with $24,000 in 2017.
IRA
contribution
Limits for 2018
The limit for contributions to IRAs for those under age 50 who have earned income from wage earnings remains unchanged in 2018 at $5,500. This limit applies to any type of IRA in 2018. People 50 and older in 2018 can make an additional catch-up contribution of $1,000, for a total annual IRA contribution of $6,500.
Why does TurboTax Deluxe tell me I am over the 2018 contribution limit when I put in $5.500 which is the allowable amount??