Client’s max contributions for calendar year into two 401(k) plans.
I have a MD client with two 401(k)s, one from the hospital employer and one from his one-person medical consulting LLC. Can he contribute a maximum of $19,500 into each plan. Please advise. Thank you.
Permalink Submitted by Alan - IRA critic on Mon, 2020-08-10 17:08
The 19,500 elective deferral limit is per taxpayer, so client can defer 19,500 in total. However, the annual additions limit of 57,000 is per plan, so client can make or receive employer matching or profit sharing contributions or make non Roth after tax contributions to either plan if the plan permits.