401k vs 403b

[wucool33]

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hey guys. A quick question... If I have already contributed a certain amount to a 401k plan, can I still contribute the full amount ($18000) to a 403b plan?

Also what’s the best way to consolidate all the 401k plans(from prior jobs) into one account?

Thanks!

 

[lord999]

How Much Salary Can You Defer if You’re Eligible for More than One Retirement Plan | Internal Revenue Service

 

[croquemonsieur]

No. See link to IRS Q&A page above.

 

[Momus]

hey guys. A quick question... If I have already contributed a certain amount to a 401k plan, can I still contribute the full amount ($18000) to a 403b plan?

Also what’s the best way to consolidate all the 401k plans(from prior jobs) into one account?

Thanks!

Move it, do an in transfer from your previous employer to new employer 401k.

Or, you can transfer it to IRA. I don't like this option since it means you can't do 5.5k backdoor Roth without incurring some tax hit.

Do #1.

 

[wucool33]

Move it, do an in transfer from your previous employer to new employer 401k.

Or, you can transfer it to IRA. I don't like this option since it means you can't do 5.5k backdoor Roth without incurring some tax hit.

Do #1.

What if I no longer have the option to have a 401k (only 403b)? So my only option now is to transfer them to something like a vanguard IRA account?

 

[Momus]

What if I no longer have the option to have a 401k (only 403b)? So my only option now is to transfer them to something like a vanguard IRA account?

You can rollover 401k previous employer to 403b.

Or, to IRA.... Vanguard (again, I don't like this option if you plan to do backdoor Roth ira)

 

[Zelda840]

$18,500 is the max employee deferral for 2018 (plus another $6000 in catch-up contributions if you're over age 50).

Contact each place where you had old 401k funds and request their rollover form. 401k funds can be rolled over into a 403b.

 

[John Detter]

A 401k and 403b are the same exact thing. The only difference is a 401k is for for-profit companies and 403b is for nonprofits. All regulations regarding what you can do shouldn't differ.

 

[lord999]

A 401k and 403b are the same exact thing. The only difference is a 401k is for for-profit companies and 403b is for nonprofits. All regulations regarding what you can do shouldn't differ.

But they do, and part of it is due to the old way that a company used to make their profit sharing their 401k. There's rules on 403b's that are different:
1. 403b's are nowhere as high an administrative burden.
2. After 15 years of employment with a 403b irrespective of age, the nonprofit or civil service may write a clause allowing for additional contributions (right now up to $3000 per year up to a $15k limit).
3. (More irrelevant now) Porting between 403b's used to be less burdensome than 401k's. Reforms during Bush Jr.'s administration leveled the playing field.

 

[PumpkinSmasher]

A 401k and 403b are the same exact thing. The only difference is a 401k is for for-profit companies and 403b is for nonprofits. All regulations regarding what you can do shouldn't differ.

You are right in.most cases except when it comes to Top Hat funds. My partner and her employer contribute to 457b and 403b for her, so 36000/yr deferred savings, now 37k. Then I contribute max to mine and we back door our roth IRAs. And then some invested on our own , realty shares, etc