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by newjob on April 6th, 2007

newjob

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If I am changing from my current job and have $3500 of the 2007 $15500 in my current 401k, how much can contribute in my new job's 401k($12000 or another $15500) ?How does my new company track what I contributed in my last job to know the correct limit?

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  • by Beachside_FinPlanner on April 25th, 2007

    Beachside_FinPlanner

    You can contribute $12,000 at your new job.

    The new company is not responsible to track the amount you contributed at your last job--you are. If you contribute above the maximum (15.5k) you will be responsible for it when you file your taxes.

    The new company doesn't NEED to track how much you contributed at your last job--the employer match is not subject to the 15.5k limit--so they don't.

    Sometimes tracking these things can be a pain, but that's why you can get help from a financial planner or your accountant.

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