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March 6, 2009

My Tax Filing status is “Married Filing Separately”. Are there any exceptions that would allow me to use another tax-filing status so that I fall within a more favorable phase-our range?

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My Tax Filing status is “Married Filing Separately”. Are there any exceptions that would allow me to use another tax-filing status so that I fall within a more favorable phase-our range?

Question My Tax Filing status is “Married Filing Separately”. Are there any exceptions that would allow me to use another tax-filing status so that I fall within a more favorable phase-our range?

Answer

Yes. If you did not live with your spouse at any time during the year, you are eligible to use the phase-out range and rules that apply to individuals who file as “single”.

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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

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

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