Jakyasar Posted June 7, 2023 Posted June 7, 2023 Hi Drawing a blank here. Fiscal plan, plan year 7/1/2022 to 6/30/2023 Owner and spouse only Limitation year is plan year=fiscal year 415c limit is based on 2023 They take salary once a year and as of 6/30/2023. The 401k deferral portion, is it based on 2022 or 2023 limits? Do not worry about the multiple deferrals within plan year as all deferrals are always done as of 6/30. Thanks QKA, QKC, QPA, CBS
C. B. Zeller Posted June 7, 2023 Posted June 7, 2023 2023 CuseFan and Lou S. 2 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
CuseFan Posted June 7, 2023 Posted June 7, 2023 agreed Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
Lou S. Posted June 7, 2023 Posted June 7, 2023 401(a)(17) is based on BOY so 2022 limit. 402(g) an catch-up (if applicable) are both based on calendar year so if all pay for the fiscal year is paid in June of 2023 then only the 2023 limit and catch-up come into play. 415 is based on EOY so 2023 limit. Bri 1
Jakyasar Posted June 7, 2023 Author Posted June 7, 2023 Thank you all, just wanted to be sure. QKA, QKC, QPA, CBS
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