Guest Enda80 Posted September 30, 2009 Posted September 30, 2009 Does the 402 (g) limit run according to the calendar year in which the plan year ends or the calendar year in which it begins? I intend to set up an Excel file regarding this matter, so I wanted some brainstorming as to how i could go about taking this situation into consideration.
Oh so SIMPLE Posted September 30, 2009 Posted September 30, 2009 402g limit is applied on a calendar year basis (January 1-December 31), even as to fiscal plan year plans.
Tom Poje Posted September 30, 2009 Posted September 30, 2009 in other words, a person could defer 15,500 on Dec 31 , 2008 and 16,500 on January 1, 2009 (if you had such a payroll system) and still be ok for a plan year beginning 2008 and ending 2009. what is important is what the total on all W-2s for a given year say - no matter how many companies you may work for- its not just a plan limit, but more importantly an individual limit.
BG5150 Posted September 30, 2009 Posted September 30, 2009 Can an individual have a tax year that is not calendar year? I've never seen it, but is it possible? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
masteff Posted September 30, 2009 Posted September 30, 2009 Can an individual have a tax year that is not calendar year? I've never seen it, but is it possible? Yes but rare. Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra
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