Pixie Posted Monday at 06:57 PM Posted Monday at 06:57 PM Business owner has a spouse that has FICA less than the $150K threshold. It is my understanding that the spouse would not be considered a Highly Paid Individual for Roth catch up rules. Do you agree?
Bri Posted Monday at 07:05 PM Posted Monday at 07:05 PM Correct, family aggregation went away with SBJPA '96. (but for real, no attribution there) Artie M 1
Peter Gulia Posted Monday at 07:46 PM Posted Monday at 07:46 PM Whether § 414(v)(7) restricts age-based catch-up deferrals to Roth contributions turns on the participant’s Social Security wages for the preceding year. Nothing in Internal Revenue Code § 414(v)(7)(A) aggregates another person’s wages with the participant’s wages, even if other tax law might do so. https://www.govinfo.gov/content/pkg/USCODE-2023-title26/html/USCODE-2023-title26-subtitleA-chap1-subchapD-partI-subpartB-sec414.htm Artie M 1 Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com
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