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?
Not in the sense I think you mean it--the $18K refers to the "elective deferral" limit, i.e., the amount you can "elect" to put in as pre-tax ("defer"). There's no distinction between regular pay vs PS so far as the elective deferral is concerned (and, no difference on your final tax bill, either, though you may see a larger or smaller hit in the specific pay period(s) involved).
The DPSP contribution (15% "company" contribution) will still go in, pre-tax, until the total for the year hits the $53K overall limit.
If your goal is to get as much into the account as possible, you can still make 401(a) contributions (after tax), without regard to the elective deferral limit (up to the same $53K limit)--I don't know if it's possible to do so from the PS, though.