March 26, 2021
The compensation cap is the maximum amount of compensation that may be taken into consideration when determining contributions to employer sponsored retirement plans, such as SEP IRAs, SIMPLE IRAs, 403(b) arrangements, qualified plans-such as 401(k)-profit sharing and pension plans..
IRC § 401(a)(17), IRC § 404(l)
The compensation cap does not apply to SIMPLE IRA matching contributions.
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
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
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
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
