Mid Year Contribution Check

Earlier this year, I discussed contributions to your retirement plan.  Are you working more than one job and able to contribute to multiple plans?  Have you switched employers this year and able to make contributions to more than one plan?  The IRS holds you responsible for ensuring you do not put too much in as employee contributions during a calendar year.  If you exceed the limit, you are responsible for taxes.  The IRS issued an industry newsletter pointing out a resource on their web site that would be of better use to many participants.  The article is located on their website at http://www.irs.gov/Retirement-Plans/How-Much-Salary-Can-You-Defer-if-You’re-Eligible-for-More-than-One-Retirement-Plan%3F.  If you have already exceeded the limit, I recommend going to your current employer's plan contact and have them help you with the return and correction process.

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