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Originally Posted by pook
This is a 401(k) question. I want to max out my 401(k) for 2005. I'm told the max contribution is $14,000. Is this correct?
What happens if you contribute more?
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Sounds about right, I'd need to check for '05.
You're forced to withdraw the contribution if you exceed the limit, and if you don't, there's a fairly hefty penalty. Screwing around with your retirement funds is NOT something the government wants you to do.