Levine, Jacobs & Company, LLC, Member Provided Insight Into 401k Contribution Requirements
Michael H, Karu, CPA/CFF, quoted on NJ.com.
- Newark, NJ (1888PressRelease) January 10, 2020 - Michael H. Karu, CPA/CFF, Member, Levine, Jacobs & Company, LLC., was highlighted on NJ.com where he answered the question “I just got a raise and I want to lower my tax bill. I haven't contributed much to my 401(k). Can I max it out before the end of the year or am I limited because I was only contributing 2% of my paycheck until now?”
Most 401k plans require a set dollar amount or percentage be withheld from the participant’s paycheck prior to the start of the year. In light of a salary increase, contribution adjustments may be made based on what’s permitted in a participant’s 401k plan. Karu provided valuable insight into a contribution benefit termed ‘true-up’ that allows the participant to increase or decrease their contribution.
“A true-up ensures that employees who did not contribute to the desired level or contributed too much, can adjust their contribution to the desired level,” he said. “Since many employers match a portion of their employees’ contributions, a true-up allows employees to receive a higher match than if a true-up hadn’t occurred.”.
To read the article, please click here.
To speak with and/or set up an interview with Michael Karu, please contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614 or amydelmanpr ( @ ) verizon dot net dot
Michael H. Karu, CPA/CFF, is a member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.”
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