Originally Posted by
Eck4Life
Quick profit sharing question for those in the know.
If I already contribute the max for the year ($18k), can I still have the profit sharing put into the 401k as long as the total between the company and my contributions fall below the $53k annual limit?
Sorry, once you hit the $18,000 limit (2015) for elective employee deferrals, you are done. You will receive it as ordinary income. I looked into this last year when we received an 'Advance' on our Profit Sharing in October. I believe that shortly after we voted the TA down, the company announced to the other employee groups that they would not be doing an 'advance' check this year.....perhaps they are hoping that they can still get us to reduce PS before they decide to write next year's checks.