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Asked 4/10/2006
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can an employee contribute to two 401K plans if he has two jobs? I have two jobs and both employers have 401K plans. I'd love to put $15K in both plans, but I was told that I couldn't do this. Any advice? |
Answer 1/1 - Submitted 4/10/2006
Although you may be able to contribute to both plans, you will only be able to have a $15,000 elective deferral contributed to your 401(k) without any income tax implications. However, the excess deferral (the amount exceeding the annual limit) would be taxed and you would not be getting the benefit at contributing the deferral without any tax implications.
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