This is for those over 50 years of ago. The IRS allows $18K plus $6K catch-up. Do you have to manage these as two separate things or is it accounted for as a total of $24K without a problem? Should the employer’s plan be smart enough to create a catch-up once it is over $18K after it checked the employee’s age? Or does the employee have to closely manage this.
I guess for IRS purposes, I’m not sure how or if any if this is reported to the IRS. Because the IRS would have to know the age of the tax payer to determine if they went over what was allowed or not?