401k contribution limit question

[Kev]

Say I had a 401k with my previous company that I contributed $5,000 to before leaving in March.

I have a new 401k with my new employer. Am I only allowed to contribute $11,500 to this new 401k account for this year?

 

[her209]

Yes.

 

[Kev]

what do you do if you accidently go over the limit?

 

[krylon]

You die

 

[her209]

what do you do if you accidently go over the limit?

Then you get that money back.

 

[spidey07]

Then you get that money back.

And pay taxes on it.

 

[Kev]

Then you get that money back.

Is it as simple as just withdrawing it from the account? There isn't any bs form you have to deal with?

 

[HardcoreRobot]

Is it as simple as just withdrawing it from the account? There isn't any bs form you have to deal with?

i believe there is BS, due to the fact that if you over contributed, you also possibly had earnings on the 'illegal' money which also must be paid back as well.

 

[Xcobra]

You need to withdraw that money or stop contributing to your 401k for the remainder of the year. I think you get a time frame in which you can withdraw. Cant remember. Also, fyi, in 09 contribution is $16,500.