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I just got a raise, and so I upped my 401(k) contribution by half the raise (got a 4% raise, upped my contribution by 2%). I am doing a percentage of my income, and it will only allow me to do whole percentages. To get to the $15000 limit this year, it ends up that by the end of the year, I will be ~$50 above the limit, if I don't get any bonuses this year. My 401(k) will allow me to contribute after tax money, and my company matches dollar for dollar for the first 4%.
So, when I get to the end of the year, and I pass the $15000, the $50 will be after tax money that could be withdrawn, but what about the company match? Do I have to pay taxes on that company match? Will I be able to withdraw it without penalty?
So, when I get to the end of the year, and I pass the $15000, the $50 will be after tax money that could be withdrawn, but what about the company match? Do I have to pay taxes on that company match? Will I be able to withdraw it without penalty?
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