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Andrew Schwartz CPA
Dec 2, 2006 - 5:56AM
Re: Year end funding for retirement plans

Good thinking. I'm a firm believer of maxing out your 401k or 403b contributions every year, whenever possible.

My understanding is that most employers will allow you to withhold up to 100% of your paycheck, less social security and Medicare taxes, for your 401k or 403b salary deferral. They generally don't allow you to write a check from your personal account to fund your salary deferrals, however.

I recommend that you contact the payroll department and the benefits department of your new employer first thing Monday morning.

Zip Code: 01801

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