RMPension
Mar 24 2005, 05:30 PM
If a person works for two employers and both employers sponsor 401(k) plans, can they defer $14,000 in each plan?
No Name
Mar 24 2005, 05:33 PM
No. Its a personal limit.
pax
Mar 24 2005, 05:45 PM
Earlier discussions may provide some more information/background.
http://benefitslink.com/boards/index.php?showtopic=25097
MGB
Mar 25 2005, 09:58 AM
And of course, one may ask "How would anyone know?"
That is why there is a box on your W-2 indicating how much was deferred. If the IRS receives more than one W-2 with numbers in this box, they add them up and will follow up with penalties, etc., if the numbers add up to too much.
PATA
Mar 25 2005, 02:31 PM
But... if you were part of a 457 and a 401a plan you could. Only catch.