Andre, I was under the impression that one *cannot* contribute to after-tax _first_ without contributing to 401k at an employer's.
So if I've max'd out even just pre-tax 401k contributions at company A, gotten the match and I switch to company B mid-year, can I contribute to just after-tax since I've already max'd out pre-tax at company A?
@Andre Nader - Is the double-dipping after-tax contribution due to mid year job change been verified with IRS? I talked to a couple of tax CPAs and they all believe after-tax contribution limit is tied to the employee but not the employer. I did the double-dipping and am looking for confirmation that this is allowed by IRS and avoid double-taxation due to over-contribution.
Man I'm joining Meta in 2 weeks. Gotta read up today!
Andre, I was under the impression that one *cannot* contribute to after-tax _first_ without contributing to 401k at an employer's.
So if I've max'd out even just pre-tax 401k contributions at company A, gotten the match and I switch to company B mid-year, can I contribute to just after-tax since I've already max'd out pre-tax at company A?
Just go to the contribution screen. Enter 0% for everything other than after-tax. Done.
@Andre Nader - Is the double-dipping after-tax contribution due to mid year job change been verified with IRS? I talked to a couple of tax CPAs and they all believe after-tax contribution limit is tied to the employee but not the employer. I did the double-dipping and am looking for confirmation that this is allowed by IRS and avoid double-taxation due to over-contribution.
IRS seems clear to me on what is per employee and what is per employer: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits