If I maxed out my 401k already for this year and just changed employers, contribute again for 2023?

[Anonymous]

I want to get in to new 401k for company match purposes but I contributed max already in February 2023 with my former employer. Can I still contribute at my new employer so they can start to match at my new job?

[Anonymous]

You’re going to hate this answer but you messed this up.

You cannot contribute more than the annual limit to all plans combined.

Has you held back some of the contribution you could have earned the max at both places of employment but since you cannot legally contribute any more this year you likely cannot earn a match.

[Anonymous]

Lol op… no. Are you seriously asking this?

[Anonymous]

Anonymous wrote:Lol op… no. Are you seriously asking this?

Scary that someone who makes enough to max out in Feb doesn’t know the answers. Smart ≠ high income.

[Anonymous]

So, you make a ton of money and were able to put away the max within the first 2 months of the calendar year? I think you may be able to contact HR at your former employer and ask them to make an excess distribution where they could repay you and then give you a 1099R. You need to consult a tax accountant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Lol op… no. Are you seriously asking this?

Scary that someone who makes enough to max out in Feb doesn’t know the answers. Smart ≠ high income.

probably bored troll

[Anonymous]

My husband somehow accidentally contributed more than the max one year. he got the difference back. Maybe there is a way to get the contributions from your previous employer's 401K? I'd ask them.

[Anonymous]

So you went from a 0% match to a good one or why did you max your 401k so early?

[Anonymous]

Anonymous wrote:So you went from a 0% match to a good one or why did you max your 401k so early?

Some companies have a policy to “true up” at the end of the years so you get the full match, even if you finish your statutory max contributions before end of year. It’s a nice feature.

This is in contrast to the TSP where you have to contribute every pay period to get your max.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So you went from a 0% match to a good one or why did you max your 401k so early?

Some companies have a policy to “true up” at the end of the years so you get the full match, even if you finish your statutory max contributions before end of year. It’s a nice feature.

This is in contrast to the TSP where you have to contribute every pay period to get your max.

You almost always have to be employed at the time of the true up.