Think you might be close to contributing more than the IRS limits this year? Take the time now to review the total amount you have contributed to your UC 403(b), 457(b), and/or DC Plan accounts. Here’s a breakdown of the limits:
If you are new to UC and made contributions this year to the 401(k) through your previous employer, that amount is included as well—and could cause you to exceed IRS limits.
If you exceeded the IRS limit in 2016, you must submit a Return of Excess form before April 1, 2017. This will allow the plan(s) to reimburse you for your excess contributions, plus associated earnings.
If you have questions about submitting a Return of Excess Form—or if you need a copy of the form—call Fidelity Retirement Services at 1-866-682-7787.
If you have questions about your limits, tax treatment of over-contributions, or filing your income taxes, please consult a professional tax advisor.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
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