Carry Learning Center

Your Behind the Scenes Look at Carry New to Carry or just curious? We put together this short demo and product walkthrough to help you see how Carry can simplify your finances and tax savings as a business owner. We’ll cover everything from setting up your account to advanced tax strategies that you can do in a [...]

OVERVIEW Overcontributions to a 401k are called “excess deferrals” and must be fixed asap. If you correct the error before April 15 the following year, there are no penalties. Instead, the money gets returned to you, and gets added back to your taxable income in a new W-2 form. If you correct the error too late (after April [...]

If you forgot about an old 401k plan, you’re not alone. According to a study by Capitalize, there were over 25 million lost 401k accounts totalling $1.35 trillion in value in 2021. Finding a lost 401k account is actually quite easy. In most cases, it’ll be right where you left it – at your old company. [...]

OVERVIEW What is the mega backdoor Roth? It’s a strategy for people with regular 401k plans that allows them to put more money into a Roth retirement account (like a Roth IRA or Roth 401k) than the regular contribution limits. How much more in 2023? In 2023, the contribution limit for a Roth IRA is $6,500 ($7,500 if you’re [...]

OVERVIEW 401k contribution limit for 2023: The 401k contribution limit for 2023 is $66,000 ($73,500 if you’ll be at least 50 years of age by December 31, 2023). Employees are allowed to contribute up to 100% of their income up to $22,500 ($30,500 if 50 years of age or older). 401k contribution limit for 2024: The 401k contribution limit [...]

To calculate your 2023 and 2024 required minimum distributions for your IRA or 401k, use the RMD table below and follow the steps. .wpj-jtoc.--jtoc-theme-basic-light.--jtoc-has-custom-styles { --jtoc-numeration-suffix: ". "; [...]

Own a side hustle on top of your day job? Open a solo 401k plan online in under 10 minutes – The Carry Solo 401k Plan is a featured-packed self-directed account that lets you invest in both traditional and alternative assets, take out a loan, or do a mega backdoor Roth conversion with a few [...]

OVERVIEW What is a 401k employer match? In a 401k employer match, your employer will make matching contributions to your 401k account, up to a certain percentage of your salary. What is the average 401k employer match? The average 401k employer match in 2024 is between 4% and 6% of compensation. The most common structure is 50% partial match [...]

OVERVIEW If you want to check your 401k balance, start by asking your employer’s HR department for information about the plan provider. In most cases, you’ll be able to log into the plan provider’s website to check your balance, and even reallocate your investments. Regularly checking the balance of your 401k plan gives you a chance to [...]