Catch-up Contribution
Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the
Contributions
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IRS Announces IRA and Plan Limits for 2023
by Denise Appleby The IRS issued Notice 2022-55 in which they provide retirement plan limits for 2023. Many the limits were changed from those that
Excess deferral
Definition Salary deferral contributions, contributions are limited to the lesser of the IRC § 402(g) limit or 100% of compensation. Salary deferral contributions in excess
Compensation Cap
Definition The compensation cap is the maximum amount of compensation that may be taken into consideration when determining contributions to employer sponsored retirement plans, such
Should I owe the 6 percent excise tax for an excess IRA Contribution Penalty
Question: I am 64 years old and I am on social security. I have no other income for last year or this year. In January
IRS Says LOA and Verbal Instructions OK for IRA and CESA Contributions
by Denise Appleby The IRS issued private letter ruling (PLR) 201437023, allowing an IRA custodian to treat IRA contributions as received ‘timely’, if instructions are submitted
Savers Credit Reduces the Cost Funding Retirement Accounts
Your contributions to your retirement account may cost you less than you think. Individuals whose adjusted gross incomes (AGI) are below certain amounts are eligible
Split Tax Refund for Direct Deposits of IRA Contributions
Definition A direct deposit of a tax-refund into more than one accounts, where one (or more) of the accounts is an IRA. Provision- The Split
Employee Stock Ownership Plan (ESOP)
Definition A defined contribution plan for which the primary investments are employer stocks (stocks of the employer that sponsors the plan). In order to be
Reportable
·Definition Retirement-Industry term used to refer to a transaction that occurs in a retirement account, which the plan administrator, IRA custodian, or payer is required
