Multiple employer match limit for 401k
Can I get the 9k match from Microsoft within a few months, join Google or some other company and get another 9k match from them?
$56k total 401k limit annually
No
No because companies do not match after tax contributions, and that would put you over $19k limit. It might still be worth it to overcontribute and pay the penalty... Not sure
No, because pre tax has a limit of contribution for you 19.5k for 2020. you can contribute to both companies pre tax but at the max you can contribute a total of 19.5k and get a combined match of 9.75k. For after tax normally companies dont match. And total contribution limit (including pre tax + employer match + after tax) = 57k. So 19.5 + 9.75 + 27.75 is the max you can get into 401k. For 51+ year old people there is some extra catch up contribution allowed.
It’s 50, not 51, at which you can contribute up to another 6k
There are 2 limits. Each year, you can contribute $19.5k in pretax or roth 401k. If you contribute them with Microsoft, you cannot contribute another $19.5k pretax/roth with Google. However, the $56k is PER EMPLOYER. Which means that if you change jobs, then you can contribute another $56k after-tax money to your second employer’s 401k. There will be no match for that additional $56k. Also, to be clear: the people in this thread claiming that the $56k limit is per person, are wrong :) Just read the official IRS docs :)
No limit on matching, however you could run into vesting issue on MSFT side. You are still limited to max contribution. You may also find you exceed max social security withholding limit - you can get it back when you file your taxes.
Yea. That happened to me. How do I go about filing taxes?