How much more can I contribute to my 401(k) this year after I made some Roth IRA, Roth 401k, and 401k contributions?
I've just started a new job, and would like to max out my pre-tax 401(k) contributions before year end. I have contributed to various other investment accounts earlier this year and am struggling to figure out how much more I can contribute without going over the contribution limit.
My details are as follows:
Married, Filing Jointly
Gross Income < 0k
Roth IRA Contributions Year to Date: 00
Roth 401(k) Contributions Year to Date: 00
Pre-Tax 401(k) Contributions Year to Date: 00
Given this info, how much more do I need to contribute to hit the ,500 max for year end?
Specific questions include:
Do my Roth 401(k) contributions count towards my annual 401(k) contribution limits or are they separate? Roth IRA contributions are separate from both types of 401(k)'s right?
(1)1 Comments
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For the 2014 tax year, you can contribute 500 to a Roth 401K or pre-tax 401K with your income level if you are under 50. Both pre-tax and Roth 401K contributions count toward the 500 total, so you would need to contribute 400 to hit the maximum contribution for 2014.
More info is here: www.irs.gov/Retirement-Plans/Roth-Comparison-Chart (the note at the bottom of the table explains combined contributions)
Your IRA contributions do not count toward your 401K total.
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