If I Have More Than One Employer Can I Have More Than One k Limit Of $ ?

One of the questions we get asked a lot is, I know the limit that the IRS puts on my k contributions for the year is $ (for a person under ) () but is this the limit I can get from one employer or is it the total amount I can get from all my employers? So if I had jobs could I get a total of $ x $ in contributions? The simple answer is $ is the personal limit you have as an individual and there for the total from all your employers, so if you have more than one employer then between you all the total that can be added for each year is $ . If you do over pay into the plans you have, it is easy to do if you are running more than one plan with more than one employer making contributions, you can claim back the overpayments but the claim must be made by th March. The part of the IRS guidelines that causes a lot of confusion with reference to these limits is this paragraph; Additional limits. There are other limits that restrict contributions made on your behalf. In addition to the limit on elective deferrals, annual contributions to all of your accounts - this includes elective deferrals, employee contributions, employer matching and discretionary contributions and allocations of forfeitures to your accounts - may not exceed the lesser of % of your compensation or $, (for , $, for ). In addition, the amount of your compensation that can be taken into account when determining employer and employee contributions is limited. In , the compensation limitation is $,; for , the limit is $,. Now a lot of people ask us at http://www.thek.info how the limit can be $ and this is the best explanation we have seen so far, Ok, let's say you make $, per year, your plan allows you to defer up to % of your compensation, and your employer matches all your deferrals up to % of your compensation plus makes a % profit sharing contribution to all participants. In your case, for , you could defer the maximum legal limit of $, (roughly .% of your legally capped compensation of $,), receive a match of $, (% of your legally capped compensation) plus $, in profit sharing contribution (% of your legally capped compensation), for a total of $,, well below the $, overall contribution limit. If, however, your employer decided to make a % profit sharing contribution ($,) instead of a % contribution, because the total of these contributions exceeds the overall limit of $, for , your profit sharing contribution would most likely be reduced so that you would not exceed the overall limit. As you can see, there are numerous limits applied in different situations in different layers that must be adhered to.