Be aware that your new plan if used this year would aggregate with your 401k as far as the total deferral limit:
https://www.irs.gov/retirement-plans/co ... -deferralsIRC Section 402(g) limits the amount of retirement plan elective deferrals you may exclude from taxable income in your taxable year, which is generally the calendar year. Your 402(g) limit for 2024 is $23,000 (2023 is $22,500; 2022 is $20,500; $19,500 is 2020 and 2021).
The 402(g) limit applies to elective deferrals made by you to various plans, including:
401(k) plans,
403(b) arrangements,
Salary Reduction Simplified Employee Pension Plans (SAR-SEPs), and
Savings Incentive Match Plans for Employees (SIMPLE-IRAs).
Statistics: Posted by placeholder — Thu Jun 06, 2024 12:10 am — Replies 2 — Views 280