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Question regarding having multiple 403b

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  • MrFancy
    replied
    thank you everyone for the responses!

    Leave a comment:


  • Dreamgiver
    replied
    See if they have a 457b and max that out (especially if it is a governmental 457b). Otherwise backdoor Roth, HSA, taxable account.

    Leave a comment:


  • jfoxcpacfp
    replied
    @dmfa is correct. It is fortunate that you let your new employer know about your prior contribution. This is often overlooked and results in over-funding, which is a hassle and can even get the institution in trouble.

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  • DMFA
    replied
    $18,000 in *employee* contributions across *all* 403(b) *and* 401(k) *combined*.

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  • Peds
    replied
    You can. But you only get 18k employee contribution per year to distribute. You can do employer for each however.

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  • MrFancy
    started a topic Question regarding having multiple 403b

    Question regarding having multiple 403b

    Hello folks,

     

    I recently graduated from residency and moved to my new job. The residency and the current job are both in academic institution that offer 403b. I tried to put as much money as possible in 403b from the residency but was surprised to hear that I cannot put full $18000 in my new job's 403b because of prior contribution to former residency's 403b. In other words, since I contributed about 10K in the residency program's 403b, I would be only allowed to contribute 8K in my new job's 403b.

     

    I always thought you can have multiple 403b, just like you can have multiple 401k as long as they are from different W2. What am I missing here? Any tips/links/explanation would be very helpful.

     

    Thank you.
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