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#4
01-12-2009, 02:10 PM
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 Re: Contribution to 403( b) and defind contribution Keogh paln taxmax wrote: - quote - > On Jan 5, 8:24 pm, Alan <sfcnm-...[at]yahoo.com> wrote: > > taxmax wrote: > > > On Jan 3, 8:53 pm, Alan <sfcnm-...[at]yahoo.com> wrote: > > > > taxmax wrote: > > > > > My brother has a 403(b) through his university; he has contributed > > > > > $20,000 to the plan for 2008. He has also a consulting company. He is > > > > > the owner and only employee of this consulting company. He has the > > > > > money purchase and profit sharing plans set up for this consulting > > > > > from previous years. His net income for 2008 would allow him to > > > > > contribute $ 46,000 to the Keogh plan. He is over 50 years old. Can he > > > > > still contribute the $46,000 for 2008 when he has already contributed > > > > > to 403(b)??? > > > > Your into a complex part of retirement plan taxation. The simple > > > > answer is that Sec. 415 and its regulations require that the two > > > > plans be aggregated to determine the contribution limits. > > > > Therefore, the maximum Keogh contribution would be limited to > > > > $26000 for 2008, assuming that the Keogh was created by year-end > > > > 2008. > > > > For a better understanding, go to the following link and read > > > > bullet 7.http://benefitsattorney.com/modules....howpage&pid=11 > > > Thank you very much for directing me to the link. One more question. > > > Since my brother is over 55, will that $28,000 increase to $32,000 > > > ( $28,000 to $5,000)? > > I have no idea what you are asking, nor do I recognize any of the > > numbers. > > > In 2009, the overall limit is $49,000 and the 403(b) limit is > > $22,000 (16500 + 5500) including the catchup. > How much is total limitation for 2008 for people over 50 years old? Already answered. See your OP and my first reply. 20K + 26k = 46K. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#3
01-12-2009, 05:04 AM
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| Re: Contribution to 403( b) and defind contribution Keogh paln On Jan 5, 8:24*pm, Alan <sfcnm-...[at]yahoo.com> wrote: - quote - > taxmax wrote:
How much is total limitation for 2008 for people over 50 years old?> > On Jan 3, 8:53 pm, Alan <sfcnm-...[at]yahoo.com> wrote: > > > taxmax wrote: > > > > My brother has a 403(b) through his university; he has contributed > > > > $20,000 to the plan for 2008. He *has also a consulting company. He is > > > > the owner and only employee of this consulting company. He has the > > > > money purchase and profit sharing plans set up for this consulting > > > > from previous years. His net income for 2008 would allow him to > > > > contribute $ 46,000 to the Keogh plan. He is over 50 years old. Can he > > > > still contribute the $46,000 for 2008 when he has already contributed > > > > to 403(b)??? > > > Your into a complex part of retirement plan taxation. *The simple > > > answer is that Sec. 415 and its regulations require that the two > > > plans be aggregated to determine the contribution limits. > > > Therefore, the maximum Keogh contribution would be limited to > > > $26000 for 2008, assuming that the Keogh was created by year-end > > > 2008. > > > For a better understanding, go to the following link and read > > > bullet 7.http://benefitsattorney.com/modules....howpage&pid=11 > > Thank you very much for directing me to the link. One more question. > > Since my brother is over 55, will that $28,000 *increase to $32,000 > > ( $28,000 to $5,000)? > I have no idea what you are asking, nor do I recognize any of the > numbers. > In 2009, the overall limit is $49,000 and the 403(b) limit is > $22,000 (16500 + 5500) including the catchup. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
01-06-2009, 03:24 AM
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| Re: Contribution to 403( b) and defind contribution Keogh paln taxmax wrote: - quote - > On Jan 3, 8:53 pm, Alan <sfcnm-...[at]yahoo.com> wrote:
numbers.> > taxmax wrote: > > > My brother has a 403(b) through his university; he has contributed > > > $20,000 to the plan for 2008. He has also a consulting company. He is > > > the owner and only employee of this consulting company. He has the > > > money purchase and profit sharing plans set up for this consulting > > > from previous years. His net income for 2008 would allow him to > > > contribute $ 46,000 to the Keogh plan. He is over 50 years old. Can he > > > still contribute the $46,000 for 2008 when he has already contributed > > > to 403(b)??? > > Your into a complex part of retirement plan taxation. The simple > > answer is that Sec. 415 and its regulations require that the two > > plans be aggregated to determine the contribution limits. > > Therefore, the maximum Keogh contribution would be limited to > > $26000 for 2008, assuming that the Keogh was created by year-end > > 2008. > > > For a better understanding, go to the following link and read > > bullet 7.http://benefitsattorney.com/modules....howpage&pid=11 > Thank you very much for directing me to the link. One more question. > Since my brother is over 55, will that $28,000 increase to $32,000 > ( $28,000 to $5,000)? I have no idea what you are asking, nor do I recognize any of the In 2009, the overall limit is $49,000 and the 403(b) limit is $22,000 (16500 + 5500) including the catchup. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
01-05-2009, 06:29 PM
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| Re: Contribution to 403( b) and defind contribution Keogh paln On Jan 3, 8:53*pm, Alan <sfcnm-...[at]yahoo.com> wrote: - quote - > taxmax wrote:
Thank you very much for directing me to the link. One more question.> > My brother has a 403(b) through his university; he has contributed > > $20,000 to the plan for 2008. He *has also a consulting company. He is > > the owner and only employee of this consulting company. He has the > > money purchase and profit sharing plans set up for this consulting > > from previous years. His net income for 2008 would allow him to > > contribute $ 46,000 to the Keogh plan. He is over 50 years old. Can he > > still contribute the $46,000 for 2008 when he has already contributed > > to 403(b)??? > Your into a complex part of retirement plan taxation. *The simple > answer is that Sec. 415 and its regulations require that the two > plans be aggregated to determine the contribution limits. > Therefore, the maximum Keogh contribution would be limited to > $26000 for 2008, assuming that the Keogh was created by year-end > 2008. > For a better understanding, go to the following link and read > bullet 7.http://benefitsattorney.com/modules....howpage&pid=11 Since my brother is over 55, will that $28,000 increase to $32,000 ( $28,000 to $5,000)? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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01-04-2009, 03:53 AM
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| Re: Contribution to 403( b) and defind contribution Keogh paln taxmax wrote: - quote - > My brother has a 403(b) through his university; he has contributed
answer is that Sec. 415 and its regulations require that the two> $20,000 to the plan for 2008. He has also a consulting company. He is > the owner and only employee of this consulting company. He has the > money purchase and profit sharing plans set up for this consulting > from previous years. His net income for 2008 would allow him to > contribute $ 46,000 to the Keogh plan. He is over 50 years old. Can he > still contribute the $46,000 for 2008 when he has already contributed > to 403(b)??? Your into a complex part of retirement plan taxation. The simple plans be aggregated to determine the contribution limits. Therefore, the maximum Keogh contribution would be limited to $26000 for 2008, assuming that the Keogh was created by year-end 2008. For a better understanding, go to the following link and read bullet 7. http://benefitsattorney.com/modules....howpage&pid=11 -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
01-04-2009, 02:02 AM
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| Contribution to 403( b) and defind contribution Keogh paln My brother has a 403(b) through his university; he has contributed $20,000 to the plan for 2008. He has also a consulting company. He is the owner and only employee of this consulting company. He has the money purchase and profit sharing plans set up for this consulting from previous years. His net income for 2008 would allow him to contribute $ 46,000 to the Keogh plan. He is over 50 years old. Can he still contribute the $46,000 for 2008 when he has already contributed to 403(b)??? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| 403, contribution, defind, keogh, paln |
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