Hi all - TIA for any help.
Im wondering if there is an extension in place to make 2020 401(k) contributions? I ask after being furloughed for 6 months it’s going to be mathematically impossible to hit the contributions max for the year by Dec 31.
I see that the cares act is allowing folks to take money out of their 401(k)’s....so is there not also a provision allowing us to put in our normal allotment even if we were out of work? Like say, until feb or march or April of 2021 for example?
From what I understand, unemployment checks couldn’t go in, so i’d need to cram 10 months worth of contributions into 4 remaining months of employment.
Im not asking to put in extra, but if there is an extension so we can ‘catch up’ on what we would have put in during 2020 if it weren’t for covid furloughs.
Any advice appreciated, I cannot find anything on google except on taking money out..nothing on actually putting away what you would have anyhow.
Thanks
Submitted August 16, 2020 at 08:03PM by RGELTD https://ift.tt/2E6wJkX
