MBCarey Posted July 13, 2007 Share Posted July 13, 2007 I think I've been in this business too long. Can someone tell me if for the 415 Annual Limit do you include the catch-up deferral amount? i.e. 15,500 + 5,000 + 29,500 = a total of 50,000 to max a owner out in 2007. I thought that was the case, but someone told me differently, in that the $45,000 for 2007 includes the catchup for age 50 & over. Link to comment Share on other sites More sharing options...
John Feldt ERPA CPC QPA Posted July 13, 2007 Share Posted July 13, 2007 Catchups do not count against the 415 limit. Young folks are limited to $45,000 for 2007. Old folks (50 and up) can get $50,000 for 2007 if $5,000 of that is a catchup deferral. Link to comment Share on other sites More sharing options...
TLGeer Posted July 15, 2007 Share Posted July 15, 2007 414(v)(3): (3) Treatment of contributions In the case of any contribution to a plan under paragraph (1) - (A) such contribution shall not, with respect to the year in which the contribution is made - (i) be subject to any otherwise applicable limitation contained in section sections 401(a)(30), 402(h), 403(b), 408, 415©, and 457(b)(2) (determined without regard to section 457(b)(3)), or (ii) be taken into account in applying such limitations to other contributions or benefits under such plan or any other such plan, and (B) except as provided in paragraph (4), such plan shall not be treated as failing to meet the requirements of section section 401(a)(4), 401(k)(3), 401(k)(11), 403(b)(12), 408(k), 410(b), or 416 by reason of the making of (or the right to make) such contribution. Thomas L. Geer, J.D., LL.M. Benefit Plan Solutions Blog: http://401k-403b-457-plansblog.blogspot.com/ Email: geertom@gmail.com Phone & Fax: (888) 315-6720 Link to comment Share on other sites More sharing options...
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