401k, IRS, and common sense
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For those who work and live in the USA, I was told by my company that IRS has a regulation saying that if you make more than $85k (say $85001), then your pretax 401k contribution is limited to %6 of your salary, otherwise you can contribute 15% up to a limit (of $11000?). So you could get "punished" for making that extra $1. Is this true? If it is, I am seriously think about requesting a pay-cut of 2 dollars and 5 cents :(
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For those who work and live in the USA, I was told by my company that IRS has a regulation saying that if you make more than $85k (say $85001), then your pretax 401k contribution is limited to %6 of your salary, otherwise you can contribute 15% up to a limit (of $11000?). So you could get "punished" for making that extra $1. Is this true? If it is, I am seriously think about requesting a pay-cut of 2 dollars and 5 cents :(
The lesser % must be for the exceeding amt. Nish Sonork ID 100.9786 voidmain www.busterboy.org If you don't find me on CP, I'll be at Bob's HungOut
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For those who work and live in the USA, I was told by my company that IRS has a regulation saying that if you make more than $85k (say $85001), then your pretax 401k contribution is limited to %6 of your salary, otherwise you can contribute 15% up to a limit (of $11000?). So you could get "punished" for making that extra $1. Is this true? If it is, I am seriously think about requesting a pay-cut of 2 dollars and 5 cents :(
i think the law just changed. i was told i could contribute up to 80% of my income. (i don't know about any dollar caps, though). -c
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For those who work and live in the USA, I was told by my company that IRS has a regulation saying that if you make more than $85k (say $85001), then your pretax 401k contribution is limited to %6 of your salary, otherwise you can contribute 15% up to a limit (of $11000?). So you could get "punished" for making that extra $1. Is this true? If it is, I am seriously think about requesting a pay-cut of 2 dollars and 5 cents :(
The title of this message contains an oxymoron - "IRS and Common Sense" ??? Maybe it should be entitled: "IRS and Common Cents" ?? Steven J. Ackerman, Consultant ACS, Sarasota, FL http://www.acscontrol.com steve@acscontrol.com sja@gte.net
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The title of this message contains an oxymoron - "IRS and Common Sense" ??? Maybe it should be entitled: "IRS and Common Cents" ?? Steven J. Ackerman, Consultant ACS, Sarasota, FL http://www.acscontrol.com steve@acscontrol.com sja@gte.net
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For those who work and live in the USA, I was told by my company that IRS has a regulation saying that if you make more than $85k (say $85001), then your pretax 401k contribution is limited to %6 of your salary, otherwise you can contribute 15% up to a limit (of $11000?). So you could get "punished" for making that extra $1. Is this true? If it is, I am seriously think about requesting a pay-cut of 2 dollars and 5 cents :(
As a side note, check this out... http://foxnews.com/story/0,2933,42529,00.html WillCodeForMoney