NEC/401K limit question
08-22-2024 | 07:21 AM
#2
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08-22-2024 | 08:38 AM
#3
Gets Weekends Off
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There is a great diagram using a pipe model on the SWAPA website and someone has an excel version that you can plug your numbers into to see options. You still get the money as spill cash or you can select other options. The NEC never really ends, though. You still get it.
08-22-2024 | 09:25 AM
#4
weekends off? Nope...
Joined: Apr 2014
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Once you've reached that income level, the NEC spills over into the 401 (a)(17) Cash NEC bucket and fills up for the rest of the year with no limits.
And yes, taxed. Unless you've opted for the top-hat plans...
08-22-2024 | 08:28 PM
#5
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— No Relief On Scope —
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From: B737 Left Seat
You'll only get "Pilot Excess Benefit Cash" on income up to the 401 (a)17 limit. (I think it's $345k in 2024) So it won't too much.
Once you've reached that income level, the NEC spills over into the 401 (a)(17) Cash NEC bucket and fills up for the rest of the year with no limits.
And yes, taxed. Unless you've opted for the top-hat plans...
Once you've reached that income level, the NEC spills over into the 401 (a)(17) Cash NEC bucket and fills up for the rest of the year with no limits.
And yes, taxed. Unless you've opted for the top-hat plans...
08-22-2024 | 08:42 PM
#6
Gets Weekends Off
Joined: Apr 2013
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I hate paying taxes on the extra money, but I also don't want to put it into top hat since it is at risk, so I am just socking some away and blowing the rest on travel with the fam. YOLO.
08-23-2024 | 12:42 AM
#7
Gets Weekend Reserve
Joined: Jul 2007
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From: B737CA
Scroll up to Earnings and you should see 401(a)(17) Cash NEC-W4 line on the very bottom. That's your 17% being added as taxable cash. This is assuming you're over the 401a limits and you've hit your personal max 401k contribution.
08-23-2024 | 01:36 AM
#8
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Joined: Jan 2016
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From: Left
Yeah for sure. I hit my NEC limit too and I just hit my 401k self funded limit this month at 12 percent contribution (I am over 50). As mentioned above, it should be on your pay statement as cash coming back to you or flowing into one of the excess plans depending on what your elections are.
I hate paying taxes on the extra money, but I also don't want to put it into top hat since it is at risk, so I am just socking some away and blowing the rest on travel with the fam. YOLO.
I hate paying taxes on the extra money, but I also don't want to put it into top hat since it is at risk, so I am just socking some away and blowing the rest on travel with the fam. YOLO.
Shame GK took this place to where. Bankruptcy looks like it is around the corner
08-23-2024 | 04:30 AM
#10
Gets Weekends Off
Joined: Feb 2008
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From: FIRE ALPA
That will depend on what Elliot is able to do... Corporate raiders don't care about anything besides stripping the company of any assett of value and leaving the carcass.... think car chop shop.
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