Publication 571 - Tax-Sheltered Annuity Plans (403(B) Plans) For Employees Of Public Schools And Certain Tax-Exempt Organizations Page 20
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37Table 9-1. Worksheet C. Includible Compensation for Your Most Recent
Table 9-2. Worksheet G. Limit on
Year of Service*
Annual Additions for
2002
Note: Use this worksheet to figure includible compensation for your most recent year of
service.
Note: Use this worksheet to figure your
limit on annual additions, which is
the first component of your MAC.
1.
Enter your includible wages from the employer maintaining your 403(b)
39,000
account for your most recent year of service
$
1.
Enter your includible
3,900
2.
Enter elective deferrals for your most recent year of service
$
compensation for your
most recent year of
3.
Enter amounts contributed or deferred by your employer under a cafeteria
$43,680
0
service
plan for your most recent year of service
$
$40,000
2.
Maximum
4.
Enter amounts contributed or deferred by your employer to your 457
0
account for your most recent year of service
$
3.
Enter the lesser of line 1
or line 2. This is your
5.
Enter the value of qualified transportaion benefits you received from your
$40,000
780
limit on annual additions
employer
$
6.
Enter your foreign earned income exclusion for your most recent year of
0
service
$
43,680
7.
Add lines 1, 2, 3, 4, 5, and 6
$
8.
Enter the cost of incidental life insurance that is part of your annuity
0
$
contract for your most recent year of service
9.
Enter compensation that was both:
● Earned during your most recent year of service,
0
● Earned while your employer was not qualified to maintain a 403(b) plan
$
10.
If using this worksheet for 2001, enter contributions that are more than
0
your MEA. Otherwise, enter zero (0)
$
0
11.
Add lines 8, 9, and 10
$
12.
Subtract line 11 from line 7. This is your includible compensation for
43,680
your most recent year of service
$
*Use estimated amounts if figuring includible compensation before the end of the
year.
Table 9-3. Worksheet F. Limit on Elective Deferrals
Note: Use this worksheet to figure your limit on elective deferrals, which is the last component
of your MAC.
11,000
1.
Maximum contribution
$
● For 2001, enter $10,500
● For 2002, enter $11,000
Note: If you have at least 15 years of service with a qualifying organization,
complete lines 2 through 12. If not, enter (0) on line 11, and go to
line 12.
5,000
2.
Amount per years of service
$
3.
Enter your years of service
4.
Multiply line 2 by line 3
$
5.
Enter the total of all elective deferrals for prior years made for you by the
qualifying organization
$
6.
Subtract line 5 from line 4, if zero or less, enter (0)
$
15,000
7.
Maximum increase in limit for long service
$
8.
Enter all prior year increases in the limit for long service
$
9.
Subtract line 8 from line 7
$
3,000
10.
Maximum additional contributions
$
11.
Enter the least of lines 6, 9, or 10. This is the increase in the limit for
0
long service
$
11,000
12.
Add lines 1 and 11. This is your limit on elective deferrals
$
Page 20
Chapter 9 Figuring MAC for 2002
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