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I work two full time jobs and both have 401k options. One matches up to 7% of my income and the other doesnt match. Can I contribute 19.5k *2 to two independent accounts?

 
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I work two full time jobs and both have 401k options. One matches up to 7% of my income and the other doesnt match. Can I contribute 19.5k *2 to two independent accounts?

No. You can contribute a maximum of $19,500 spread among all your 401(k) plans. If you overcontribute, you will have to withdraw the money or pay a penalty. Employees [fixed typo] age 50 and over can make an additional catch-up contribution of $6,500.

 

If you want to contribute more, you can contribute to an individual retirement account (IRA) even if you max out you 401(k) contribution.

 

The IRS says:

The limit on employee elective deferrals (for traditional and safe harbor plans) is:

  • $19,500 in 2021 and 2020 ($19,000 in 2019), subject to cost-of-living adjustments

Generally, you aggregate all elective deferrals you made to all plans in which you participate to determine if you have exceeded these limits. If a plan participant’s elective deferrals are more than the annual limit, find out how you can correct this plan mistake.


See: Deferral limits for 401(k) plans 

I work two full time jobs and both have 401k options. One matches up to 7% of my income and the other doesnt match. Can I contribute 19.5k *2 to two independent accounts?

Ok thanks. Based on this article here -   , it seems to indicate that you can contribute over 19.5k (up to 58k) as long as the employers are independent. Is this not right ? 

 

I work two full time jobs and both have 401k options. One matches up to 7% of my income and the other doesnt match. Can I contribute 19.5k *2 to two independent accounts?

The $58,000 limit refers to the maximum employee and employer contribution. As an employee you are limited to $19,500. See Example 1 in Retirement Topics - 401(k) and Profit-Sharing Plan Contribution Limits

 

The remainder is a non-elective contributions made by the employer or commonly to a profit-sharing plan by an individual with a Solo 401(k) plan. See Ben example in One-Participant 401(k) Plans

 

What is a Non-Elective Contribution?

I work two full time jobs and both have 401k options. One matches up to 7% of my income and the other doesnt match. Can I contribute 19.5k *2 to two independent accounts?

 not right

here's what it says

Lesser known and often misunderstood is $58,000 (+ additional $6,500 for those over 50)

overall contributions limit 2021; combined employee AND employers contributions. Notice the big difference! It pays to be your own boss and use the employer contribution to top up on your solo 401K. you apparently are an employee and have no self-employment income. self-employed, i.e. those that are their own employers, are the ones who can contribute the $58K maximum. for an employee, the maximum is 19.5K + 6.5k for those over 50 (while the word used by SundayInSalem is "employer" it should be "employee"  

 

per IRS

If permitted by the 401(k) plan, participants (employee) age 50 or over at the end of the calendar year can also make catch-up contributions.

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