NEC/401K limit question
08-22-2024, 07:21 AM
#2
Gets Weekends Off
Joined APC: May 2018
Posts: 766
08-22-2024, 08:38 AM
#3
Gets Weekends Off
Joined APC: Apr 2013
Posts: 3,668
There is a great diagram using a pipe model on the SWAPA website and someone has an excel version that you can plug your numbers into to see options. You still get the money as spill cash or you can select other options. The NEC never really ends, though. You still get it.
08-22-2024, 09:25 AM
#4
weekends off? Nope...
Joined APC: Apr 2014
Posts: 2,021
Once you've reached that income level, the NEC spills over into the 401 (a)(17) Cash NEC bucket and fills up for the rest of the year with no limits.
And yes, taxed. Unless you've opted for the top-hat plans...
08-22-2024, 08:28 PM
#5
Strike averted!
Thread Starter
Joined APC: Mar 2015
Position: B737
Posts: 3,788
You'll only get "Pilot Excess Benefit Cash" on income up to the 401 (a)17 limit. (I think it's $345k in 2024) So it won't too much.
Once you've reached that income level, the NEC spills over into the 401 (a)(17) Cash NEC bucket and fills up for the rest of the year with no limits.
And yes, taxed. Unless you've opted for the top-hat plans...
Once you've reached that income level, the NEC spills over into the 401 (a)(17) Cash NEC bucket and fills up for the rest of the year with no limits.
And yes, taxed. Unless you've opted for the top-hat plans...
08-22-2024, 08:42 PM
#6
Gets Weekends Off
Joined APC: Apr 2013
Posts: 3,668
I hate paying taxes on the extra money, but I also don't want to put it into top hat since it is at risk, so I am just socking some away and blowing the rest on travel with the fam. YOLO.
08-23-2024, 12:42 AM
#7
Gets Weekend Reserve
Joined APC: Jul 2007
Posts: 3,776
Scroll up to Earnings and you should see 401(a)(17) Cash NEC-W4 line on the very bottom. That's your 17% being added as taxable cash. This is assuming you're over the 401a limits and you've hit your personal max 401k contribution.
08-23-2024, 01:36 AM
#8
Gets Weekends Off
Joined APC: Jan 2016
Position: Left
Posts: 1,260
Yeah for sure. I hit my NEC limit too and I just hit my 401k self funded limit this month at 12 percent contribution (I am over 50). As mentioned above, it should be on your pay statement as cash coming back to you or flowing into one of the excess plans depending on what your elections are.
I hate paying taxes on the extra money, but I also don't want to put it into top hat since it is at risk, so I am just socking some away and blowing the rest on travel with the fam. YOLO.
I hate paying taxes on the extra money, but I also don't want to put it into top hat since it is at risk, so I am just socking some away and blowing the rest on travel with the fam. YOLO.
Shame GK took this place to where. Bankruptcy looks like it is around the corner
08-23-2024, 04:30 AM
#10
Gets Weekends Off
Joined APC: Feb 2008
Position: FIRE ALPA
Posts: 3,097
That will depend on what Elliot is able to do... Corporate raiders don't care about anything besides stripping the company of any assett of value and leaving the carcass.... think car chop shop.
Thread
Thread Starter
Forum
Replies
Last Post
RVSM Certified
Flight Schools and Training
22
02-27-2009 12:04 PM
