Can I take setup 403b with 401k max

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Hello.

I have a fulltime job with a 401k and then am part-time faculty at a college.

I max out the 401k at my main employer.

My college part time benefits offers a 403b (tiaa cref mentioned it was a supplemental annuity type).

Since I max out my 401k to the legal limit (I believe 16.5k), can I also signup on my partime job and defer all that income into the 403b? We are talking about $2500 to $4500 a year in total income from this position.

thanks

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larrybr45 said:   Hello.

I have a fulltime job with a 401k and then am part-time faculty at a college.

I max out the 401k at my main employer.

My college part time benefits offers a 403b (tiaa cref mentioned it was a supplemental annuity type).

Since I max out my 401k to the legal limit (I believe 16.5k), can I also signup on my partime job and defer all that income into the 403b? We are talking about $2500 to $4500 a year in total income from this position.

thanks

I know you can max out both the 457 limit and the 403b but in your case, I believe the answer is NO.

The limit that you are speaking is called a "Salary Deferred Contribution" and both 401k and 403b constitute those. So, no, you do not get a separate limit for each. That being said, if you have the opportunity to receive a match from both jobs, manipulate your contributions so that you can receive the maximum match from each employer as matches have a separate limits (well over $40k/year, IIRC). For instance, this might mean that you lower your contributions at your full-time job so that you can receive a match from the part-time job. Again, you will have to take all of the factors into account to determine the right mix for you. IANAL nor an accountant or a tax professional....



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