Excess contribution or not?
So I switch jobs during the year 2024. Let's say this is a break down of my contribution by end of year 2024:
Company 1:
Pre-tax 401k: 3,000
Company match: 1,000
After-tax: 40,000
Company 2:
Pre-tax 401k: 20,000
Company match: 10,000
After-tax: 0
The limit for 2024 is: $23,000 for Pretax and roth employee contributions, and 69,000 for Employee and employer contributions.
My total pre-tax and roth contribution is not over the 23,000 limit, but my total contribution is over the 69,000 limit. My question:
1. I heard that the 69,000 limit is for each employer, rather than each person, is that correct?
2. If 'yes' to the first question, does that mean I can actually increase my after-tax contribution for company 2, as long as it's not over 39,000 (69,000 - 20,000 - 10,000), I won't have excess contribution penalty for 2024?
3. If 'no' to the first question, and I choose to get excess return from company 1, can I only get $5,000 return from the after-tax account, but nothing from the pre-tax at all (since I'm not over-contribute the pre-tax account)?
I appreciate any insights, thank you!
