Originally Posted by
Bluto
For all you big-shot, wide-body, moneybag types: What happens when you reach the IRS 401K annual max? Do you get the DC contributions as additional taxable income?
What I think you are asking is: If you contribute up to the IRS 415C limit of $49k/yr what happens after that?
Magically, the contribution stops and it is just included in your paycheck as spendable income...which is taxable...so people who don't want to work get to spend money you send to the government, but I digress...
Just 'cause I feel like posting this:
http://www.youtube.com/watch?v=qItugh-fFgg