401k minimum VEBA spillage question
11-25-2019 | 06:47 PM
#11
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From: guppy CA
Thanks for sharing. I really appreciate spending 30 minutes going through the library after the search function returned nothing.
11-25-2019 | 06:56 PM
#12
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11-25-2019 | 07:15 PM
#14
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From: guppy CA
OK, now that's funny.
We cannot have PRAP contributions based on income greater than 280k, or 285k for 2020, due to 401(a)(17) limit.
If you make 385k, you are 100k above the limit and your 16% B&C will spill to the RHA. ($16,000 to RHA)
Nothing can be done about that.
415(c) limit is another issue and the amount that spills can somewhat be controlled by the timing and amount of your contributions.
Want to maximize spillage to RHA? Put in as much as you can as early in the year as possible.
Want to minimize it? Put in less. In this example you would put in 17,900 to combine with the 45.6k to equal 63.5k.
you can run some howgozits at online RHA Calculator at
RHACalculator.com
It was just updated for 2020 numbers and based on your inputs will show how much will spill and and let you change contributions easily to see how it flows.
Unofficial, but works well and gives you breakdowns on the type of spill and potential balance at retirement.
We cannot have PRAP contributions based on income greater than 280k, or 285k for 2020, due to 401(a)(17) limit.
If you make 385k, you are 100k above the limit and your 16% B&C will spill to the RHA. ($16,000 to RHA)
Nothing can be done about that.
415(c) limit is another issue and the amount that spills can somewhat be controlled by the timing and amount of your contributions.
Want to maximize spillage to RHA? Put in as much as you can as early in the year as possible.
Want to minimize it? Put in less. In this example you would put in 17,900 to combine with the 45.6k to equal 63.5k.
you can run some howgozits at online RHA Calculator at
RHACalculator.com
It was just updated for 2020 numbers and based on your inputs will show how much will spill and and let you change contributions easily to see how it flows.
Unofficial, but works well and gives you breakdowns on the type of spill and potential balance at retirement.
Well, that was a 'workable' answer … indicates that my first post was correct. I contribute 17.9K to my 401k and when combined with employer contributions, I max out my 401k.
11-26-2019 | 02:25 AM
#15
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11-26-2019 | 02:31 AM
#16
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RHACalculator.com
It was just updated for 2020 numbers and based on your inputs will show how much will spill and and let you change contributions easily to see how it flows.
Unofficial, but works well and gives you breakdowns on the type of spill and potential balance at retirement.
It was just updated for 2020 numbers and based on your inputs will show how much will spill and and let you change contributions easily to see how it flows.
Unofficial, but works well and gives you breakdowns on the type of spill and potential balance at retirement.
11-26-2019 | 05:34 AM
#17
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From: guppy CA
11-26-2019 | 10:06 AM
#18
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From: 777 Cap
ALPA>My MEC>Committees>Retirement and Insurance>E Library>RHA Calculator
That is the excel version with 2019 Limits.
2020 will be up soon.
11-26-2019 | 12:57 PM
#19
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From: guppy CA
11-26-2019 | 02:32 PM
#20
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http://rhacalculator.herokuapp.com/
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