My wife and I file jointly. I currently am contributing the maximum into a 401 k. She will now be eligible to contribute to a 403 b. I am confused by some of the information that I have read. Will she be able to contribute to the 403 b even though I am already maxed out on my 401K?
Yes, they are individual accounts and you are both allowed the maximum contribution of $17,000/year + catch up contributions if you are eligible.
I’ll second that.
The time to worry is when an individual has more than one plan during a year because the caps on deferrals are per person, not per plan.
So I guess the answer isn’t “804 m”, then.
(You know you were thinking it.)
Yes, I really really was.