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Bonus contribution to residency sponsored 403(b)???

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  • Dilaudidopenia
    replied
    This seemed appealing for a few minutes, then I remembered I wanted to save for a big payment on my refinanced loans before interest capitalizes in July.

    In any case, Merry Christmas to all!

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  • jfoxcpacfp
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    Was running numbers on taxes this year and through playing with a tax calculator I found that I could take a nice chunk off my federal tax burden for 2016 if I kick in a sum to my pre-tax 403(b).  I went to the Fidelity site to see if I could contribute funds directly, but this doesn’t seem to be possible, at least through the website.  Do 403(b)/401(k) contributions have to come directly out of employer withholding or is there another way?  Or did I just miss the boat on this…
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    Not necessarily, it depends upon the rules your employer has set. You may be able to find the answer in your SPD (Summary Plan Description), which you can probably access via your online account. If not, as WCI said, check with your HR department asap.

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  • The White Coat Investor
    replied
    If you're a resident, you're probably better off paying the taxes and contributing to a Roth IRA, a spousal Roth IRA, and/or a Roth 403(b).

    But as a general rule, employers withhold money from your paycheck and send it to the 401(k). You might still be able to make a contribution by writing a check though. Go in to HR on Monday and ask if you can make a 403(b) contribution by check.

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  • Bonus contribution to residency sponsored 403(b)???

    Was running numbers on taxes this year and through playing with a tax calculator I found that I could take a nice chunk off my federal tax burden for 2016 if I kick in a sum to my pre-tax 403(b).  I went to the Fidelity site to see if I could contribute funds directly, but this doesn't seem to be possible, at least through the website.  Do 403(b)/401(k) contributions have to come directly out of employer withholding or is there another way?  Or did I just miss the boat on this...
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