- Oct 9, 1999
- 39,234
- 701
- 126
Well how about this for a kick in the balls...
I receive a letter from corporate HR today stating that I had contributed too much to my 401k plan for 2005. However, it wasn't because it was above the 14k limit, it was because I was consider a "high income" person (HR said somewhere over 70k). The IRS apparantely has rules that "high income" persons can only contribute "on average" 2% more than the lower income workers (below the above number).
My company had an average of 2.78% for the lower income workers. That set the max that I can contribute to 4.78%. I contributed 15% last year.
So now I'm getting the rest back and have to pay taxes on the money!!!
The only reason that I passed the high dollar threshold is because I worked 1,500 hours of OT last year. So work hard and try to save for retirement and get FVCKED by the IRS!!!
:|:|:|:|:|:|:|:|:|:|:|
Oh, and I was told that they are going to evaluate 2006 by March so that any refunds can be on the 2006 taxes. So I'm going to get slammed by 2005 and 2006 refunds that I had no idea about! What a pisser!
:|:|:|:|:|:|:|:|:|:|:|
I guess the government doesn't want us to try to retire with much more money than the average Joe places in their account...bah!
I receive a letter from corporate HR today stating that I had contributed too much to my 401k plan for 2005. However, it wasn't because it was above the 14k limit, it was because I was consider a "high income" person (HR said somewhere over 70k). The IRS apparantely has rules that "high income" persons can only contribute "on average" 2% more than the lower income workers (below the above number).
My company had an average of 2.78% for the lower income workers. That set the max that I can contribute to 4.78%. I contributed 15% last year.
So now I'm getting the rest back and have to pay taxes on the money!!!
The only reason that I passed the high dollar threshold is because I worked 1,500 hours of OT last year. So work hard and try to save for retirement and get FVCKED by the IRS!!!
:|:|:|:|:|:|:|:|:|:|:|
Oh, and I was told that they are going to evaluate 2006 by March so that any refunds can be on the 2006 taxes. So I'm going to get slammed by 2005 and 2006 refunds that I had no idea about! What a pisser!
:|:|:|:|:|:|:|:|:|:|:|
I guess the government doesn't want us to try to retire with much more money than the average Joe places in their account...bah!