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rockhump

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Posts : 1536
Join date : 2008-05-16

PostSubject: Well crap   Tue Jan 27, 2015 7:26 am

Got a letter from Siemens yesterday that I was now considered an HCE (highly compensated employee) and that my 401k contributions would have to be lowered.

Called them up and they said I could only put in 10% pre tax. That even includes a Roth. I said, do I need to change it now and he said he had already been changed for me. We looked and lo and behold my contribution to the 401k was now 10% instead of 14%.

According to this guy..

1. I could do like 5% 401k and 5% Roth (or a mix to meet 10%)
2. I could do the above and contribute another 8% after tax (max of 18%)

Damn,, Isn't the Roth considered after tax and I should be able to do something like 10% 401k and 4% Roth? Apparently not.

It looks like the "catch up" deal doesn't work for HCE's even though I am over 50.

Oh well, I'll figure it out..sux though!
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rockhump

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PostSubject: Re: Well crap   Tue Jan 27, 2015 10:59 am

Ok, looks like I got some bad info last. It will let me go in and enter a "catch up amount" per pay period. Feeling better now Very Happy
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Thump

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Join date : 2008-05-13
Location : Central Florida

PostSubject: Re: Well crap   Tue Jan 27, 2015 2:53 pm

Yeah, I didn't think that was right but not sure what you earn.

The 401k can only be so much. Roth would just be a part of it.
Depending on your joint earnings I think, you should still be
eligible to contribute from $5500 to $6500 apiece in a Roth
IRA in addition to whatever they let you put in the 401k but
not through the 401k.
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