Domestic abuse distribution
A domestic abuse distribution is one that is made to domestic abuse victim, during the 1-year period beginning on any date on which the individual
Definitions
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Eligible retirement plan
The term “eligible retirement plan”, means a retirement plan to which a rollover contribution can be made. These are: (i)an individual retirement account described in
Qualified See-Through Trust beneficiary
Definition A qualified trust beneficiary is a trust that satisfies the requirements so as to be treated as a designated beneficiary. For retirement accounts inherited
Saver’s Credit
Definition Also known as the Saver’s Tax Credit: Nonrefundable tax credit available to eligible individuals who make contributions to their retirement account. The saver’s credit
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
Deduction
Definition A deduction is a Tax write-off which is allowed for contributions to traditional IRAs or employer sponsored plans. Individuals who are active participants are
Annual Benefit Limit
Definition The annual benefit limit for defined benefit plans is the lesser of: A) 100% of the participant’s average compensation for his or her highest
Elective Deferral Contribution
Definition Elective deferral contributions, also known as salary deferral contributions made to SIMPLE IRAs, 401(k) plans, SARSEPs, 403(b) plans . A participant may defer up
Annual Addition Limit
Definition The annual Addition limit is the maximum amount that may be added to a defined contribution plan on behalf of a participant for any
SIMPLE 401(k) Plan
Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions
