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IRS Contribution Limits multiple gigs

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  • IRS Contribution Limits multiple gigs

    Hi all, Q about IRS contribution limits.
    Going through numerous prior posts and the multiple 401k accounts page, want to make sure I understand limits properly.

    I have 3 jobs. jobs 1 and 2 are the same parent company so I assume same IRS limit, right?
    1. w2 maxing employee 401k contribution $20500, with match employer contribution ~$7000.
    2. w2 taking a profit sharing employer contribution. So I have leftover of IRS limit $61000 - $20500 - $7000 = $33000 able to contribute from employer, right?
    3. 1099 gig separate company gives me a totally separate IRS limit, right? Since I've already maxed my $20500 employee I have a new $40500 I can contribute or is it all one pot?

    Thanks.

  • #2
    Probably.

    Almost. Your math is wrong. It's $33,500. Are you sure the employer will actually make a profit-sharing contribution? Wouldn't be surprised if they didn't.

    Yes.

    Almost. $61K, not $40,500. You get a new $61K limit for your solo 401(k) but it all has to be employer contribution (or employee after-tax--not Roth-- contribution if your solo 401(k) allows the Mega Backdoor Roth IRA process).

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