Mandatory vs voluntary retirement contributions – which affect yearly contribution limits I have two 403b plans through work- one that I am mandated to put in 5% of my salary and they match 7.5% called the contributory retirement plan, and one that is all voluntary with no employer match called the SRA plan. I was told by TIAA that the mandatory contributions do not count towards the $23,500 match – only my voluntary contributions in…

Does Imputed Income (relating to life insurance) effect % based 401k contribution? Does Imputed Income (relating to life insurance) effect % based 401k contribution? I am noticing that it does, despite it not actually being “cash” compensation that would end up in take home pay. Example. Gross Income (Taxable)$1000 Imputed Income (Taxable) $5 Additional Income (Non-taxable) $100 401k contribution (%): 20% … my question: 401k…

Any way to manually make up 401k contribution for 2024 like you can with IRA? I noticed I was a little short on maxing out last year by a few hundred dollars. Not the end of the world of course but a little annoyed I didn’t increase my contribution percentage earlier to max. I know #firstworldproblems. submitted by /u/Iaokim

Reducing my 401k contribution because I max out early? 2024 is the first year that I made enough money such that I maxed out my 401k early, specifically sometime in late September. I have been contributing 15% and my last several paychecks of the year were pretty healthy. I did some simple back of the napkin math and found that I can lower my contributions to 12% and still max out my 401k, but give …

2024 Roth IRA Contribution Hey everyone, I have a seemingly simple question. I just opened a Roth IRA this month (January 2025). Is it an option to contribute to a 2024 Roth if I didn’t have one in 2024? I’m just hopping on the train with all this and I would love to get another year of investment if I still can. Thank you! submitted by /u/Brestess

401k contribution instead of raise? I am financially illiterate so excuse my complete ignorance. I’ve got two situation I’d like advice on. At my current job, I have a 401k with a 3% employer match. I’m contributing 6% which is about what I can afford right now. We have profit sharing in the form of a 401k contribution. My boss today told me that they were also going to give me a…

Roth withdrawal without knowing your contribution # Hello, for lots of reasons (including out dual pensions), my wife and I would rather liquidate our old ROTH accounts. We only invested in them for about 5 years and we haven’t touched them since ~2017. We don’t have statements or tax forms going back that far to figure out what our contributions were back then. The balances aren’t huge, but we f…

Most efficient contribution strategy for 401K max-out. I would like some advice on how best to max out the 401K at my workplace. My current pay is 184K USD (this is the base, up by 4K USD this year, no bonuses included, all cash, no equity). My employer matches 4% of the contributions and they offer the option for an extra 23K USD contribution to be mega backdoor’ed in. Since the total for 2024 was …

How to cancel a vanguard IRA contribution? I just now (around 9:15PM ET) contributed to my 2025 traditional IRA account for an external bank account, but I accidentally used the wrong bank, and that bank doesn’t have the funds ($7K) to make this transaction happen. I can’t figure out a way to cancel the transaction, and was wondering if anyone here knows? I tried calling Vanguard but the…

Student loan payoff vs Roth IRA contribution I keep going back and forth over what to do here and could use some advice. I have $4,200 in student loans at a 3.15% rate. I got a bonus and am trying to decide if I should pay off this balance, or open a Roth IRA and contribute the $7k max for 2024. I am 31 years old and don’t have a Roth IRA yet. I do have a Roth 401k and currently contribute…

Employer offered additional 2.5% raise in lieu of 2.5% contribution to retirement account. I’m having trouble mathing this out for some reason so maybe someone smarter can help me. My job is in the middle of CBA negotiations right now. Currently they contribute 2.5% of our base salary to a 457b account. They are offering us a raise of 3% and the option of 5.5% if we give up that 2.5%. Obviously as my salary increases that 2.5% contrib…

Accidental 529 Contribution Perfect time of year to make a mistake but I made an error when changing my payment elections at work. Instead of doing a moderate contribution to my child’s 529 through Vanguard, I mistakenly put about half my check. Stupid? Yes. Careless? Yes. Fixable? Not sure. I called Vanguard to see if I could isolate my withdraw to just my basis. The rep…

Should I reduce my 401k contribution or sell RSUs (as they vest) to cover monthly expenses? Hello folks. My take home is not covering my monthly expenses. Partly because I’m deducting quite a bit for my 401k. My other source of non-paycheck income is through RSUs issued by my company. I would like now to increase the take home money available to cover my expenses. Should I: Decrease my 401k contribution so that there is more take home…

Confused about Roth contribution I hate finance, so sorry in advance if I’m dumb. I met with the work financial guy today and he said something and I’m still confused. I thought my max Roth contribution was 7500/year. I can split my contribution between 401k and Roth and it maxes out at 22500 or something. But does that mean I could put 22500 into a Roth in one year? Or after y…

Question about IRA contribution wrt self employment Assume: self employed income: 7k in 2024 no other income (no w2 income, no capital gain) in 2024 expense for self employment: 1k fica: 1k Question: how much can I contribute to my IRA? 7k, 6k, 5k, or anything else? TIA! submitted by /u/wasabi-rich

HSA Contribution Limit Question Hello all, I am planning on maxing out my 2024 HSA contribution max of $4,150 (I have $1,000 towards it thus far, which includes an employer contribution). I know that I have up until April 15th 2025 to contribute for 2024. My employer makes another $500 contribution on January 15th 2025. My question is if this $500 contribution will count for 2…

Combined contribution to Roth IRA, Roth 403b, and HSA is more than earned income Couldn’t find an answer to this online, so thought I’d just ask. In 2024, maximum combined contribution to HSA ($4,150), Roth IRA ($7,000), and Roth 403B ($23,000) is $34,150. If “Jim” has earned income of $30,000, can he still max HSA / Roth IRA / Roth 403B with say, money in his saving’s account? It’s confusing because thought individually, “J…

403 (b) contribution Im in my first job out of college, making 45k a year at a nonprofit. How much should I contribute to my 403 (b)? My employer does not match at all… I want to do 10%, is that crazy considering how little I make? They also said I can invest either pre-tax or post-tax. I have no clue what that even means. Help please! submitted by /u/Grand_A…

HSA contribution change and taxes I had a baby in May. I changed my HSA contributions to maximize the contributions for a family plan, which is $8300. HR assisted me in the calculations. I was on an employee only health plan until I gave birth, and now my plan covers my son as well. I started thinking about taxes, and have a question that I can’t seem to find an answer. Am I all…

529 limits – parents contribution We’re going to be opening a 529 this year and are planning to super fund it with the full 90k. We’re aware that the limitation is 90k / tax payer and that we’ll file a form 709 each year for the next 5 years. Our parents want to contribute to the 529 as well. Do we need to account for this in anyway, or do we only need to care about our contribu…