401k contribution limit question

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Kev

Lifer
Dec 17, 2001
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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?
 
Nov 7, 2000
16,403
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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

Diamond Member
Oct 19, 2004
3,660
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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.
 
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