tax saving tips for two employer in a year

Groupon richiew
Jun 10 8 Comments

I will be moving to new job in a month and wondering are there any ways i could maximize my tax savings by investing in 401(k) or roth via current employer and later do something similar with new employer for the rest of the year?

Any tips/suggestions?

I am currently maxing out my 401(k) but not contributing to roth or any other place.

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TOP 8 Comments
  • New / Eng hhhjhhh
    Best way is to work remotely from Mars. No taxes on Mars.
    Jun 10 3
    • Groupon richiew
      OP
      Ha ha, why not just live on a boat on international border instead going till Mars?
      Jun 10
    • Intel D’s🥜
      ^It depends on where you go, but there have been instances where specific nations displayed some force to remove people from “international waters” nearby a country’s border
      Jun 11
    • New / Eng hhhjhhh
      Can't get to you on Mars
      Jun 11
  • Principal Financial / R&D bnFq45
    The IRS combines the contribution limits per person, per year. Max of $19k in 2019. You can't double dip, or put in 38k just because you had two employers. However, could you max out both employers matches?
    Jun 10 2
    • Groupon richiew
      OP
      Yeah that's possible but my current employer matches less while new employer match is higher and don't want to put more in 401k than annual limit as not going to benefit in terms of tax.
      Jun 10
    • Google uzaname
      Some plans allow to remove excess contribution.
      What it did mean for me:
      1)I contributed around 10k at my previous job with no match.
      2)I moved to a new company with a match and contributed to maximum limit (19k) to get max match
      3) I removed excess (everything I contributed) from my first plan.

      Second thing. If you know you are switching early on, maximize FSA contribution. It means you can spend whole FSA amount but contribute only part ( as you contribute part every month but get the FSA capital in January).

      Also maximize medical benefit-glasses etc.
      Jun 10
  • Salesforce baby J
    Nothing, when you file taxes everything will be straightened out. Expect to overpay Social Security, make sure you accountant on a lookout for that
    Jun 10 0