Hoard1 Posted November 3, 1999 Posted November 3, 1999 A group of Doctors started their Practice on 10/1/99. None were previous owners in the PA's they came out of. Can they make their Plan effective 1/1/99 to get a full 415 limitation for 1999 even though the Practice was fromed on 10/1/99.
MoJo Posted November 3, 1999 Posted November 3, 1999 Well, the answer is "yes" sort of. They get the full 415 limit on whatever they earned from the new employer (your limit will probably be 25% of the comp earned in the short year, not the $30,000 limit).
Hoard1 Posted November 3, 1999 Author Posted November 3, 1999 Is there a cite or some basis I can refer to if questioned on this approach?
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