Publication 571 - Tax-Sheltered Annuity Plans (403(B) Plans) Page 15
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21Available Worksheets
9.
The following worksheets have been provided to
When Should I Figure
help you figure your MAC.
MAC?
•
Worksheet A. Cost of Incidental Life Insur-
Worksheets
ance.
•
At the beginning of each year, you should figure
Worksheet B. Includible Compensation for
your MAC using a conservative estimate of your
Your Most Recent Year of
Service.
Chapter 2
introduced you to the term maximum
compensation. Should your income change dur-
•
Worksheet C. Limit on Catch-Up Contribu-
amount contributable (MAC). Generally, your
ing the year, you should refigure your MAC
tions.
MAC is the lesser of your:
based on a revised conservative estimate. By
•
•
doing this, you will be able to determine if contri-
Worksheet 1. Maximum Amount Contribut-
Limit on annual additions
(chapter
3), or
butions to your 403(b) account should be in-
able
(MAC).
•
Limit on elective deferrals
(chapter
4).
creased or decreased for the year.
The worksheets in this chapter can help you
Checking the Previous
figure the cost of incidental life insurance, your
Year’s Contributions
includible compensation, your limit on annual
additions, your limit on elective deferrals, your
At the beginning of the following year, you
limit on catch-up contributions, and your maxi-
should refigure your MAC based on your actual
mum amount contributable.
earned income.
After completing the worksheets, you
At the end of the current year or the begin-
should maintain them with your 403(b)
ning of the next year, you should check your
records for that year. Do not attach
contributions to be sure you did not exceed your
them to your tax return. At the end of the year or
MAC. This means refiguring your limit based on
the beginning of the next year, you should com-
your actual compensation figures for the year.
pare your estimated compensation figures with
This will allow you to determine if the amount
your actual figures.
contributed is more than the allowable amounts,
If your compensation is the same as, or more
and possibly avoid additional taxes.
than, the projected amounts and the calcula-
tions are correct, then you should simply file
these worksheets with your other tax records for
the year.
If your compensation was lower than your
estimated figures, you will need to check the
amount contributed during the year to determine
if contributions are more than your MAC.
Chapter 9 Worksheets
Page 15
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