Publication 571 - Tax-Sheltered Annuity Plans (403(B) Plans) For Employees Of Public Schools And Certain Tax-Exempt Organizations Page 27
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37Worksheet A. Maximum Exclusion
Worksheet C. Includible Compensation for Your Most Recent Year of
Allowance (MEA)
Service*
Note: Use this worksheet to figure your
Note: Use this worksheet to figure includible compensation for your most recent year of
MEA.
service.
1.
Enter your includible
1.
Enter your includible wages from the employer maintaining your 403(b)
compensation for your
account for your most recent year of service
$
most recent year of
2.
Enter elective deferrals for your most recent year of service
$
service
$
20%
3.
Enter amounts contributed or deferred by your employer under a cafeteria
2.
Percentage limit
plan for your most recent year of service
$
3.
Multiply line 1 by line 2
$
4.
Enter amounts contributed or deferred by your employer to your 457
4.
Enter your years of
account for your most recent year of service
$
service as of the end of
5.
Enter the value of qualified transportation fringe benefits you received from
2001
your employer
$
5.
Multiply line 3 by line 4
$
6.
Enter your foreign earned income exclusion for your most recent year of
6.
Enter your amounts
service
$
previously excludable
7.
Add lines 1, 2, 3, 4, 5, and 6
$
(prior years’
contributions)
$
8.
Enter the cost of incidental life insurance that is part of your annuity
7.
Subtract line 6 from line
contract for your most recent year of service
$
5. This is your MEA
$
9.
Enter compensation that was both:
● Earned during your most recent year of service, and
● 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
your MEA. Otherwise, enter zero (0)
$
11.
Add lines 8, 9, and 10
$
12.
Subtract line 11 from line 7. This is your includible compensation for
Worksheet B. Cost of Life
your most recent year of service
$
Insurance
*
Use estimated amounts if figuring includible compensation before the end of the year.
Note: Use this worksheet to figure the cost
of incidental life insurance included
in your annuity contract. This amount
will be used to figure includible
compensation for your most recent
year of service.
1.
Enter the value of the
contract (amount
payable upon your
death)
$
2.
Enter the cash value in
the contract at the end
of the year
$
3.
Subtract line 2 from
line 1. This is the value
of your current life
insurance protection
$
4.
Enter your age on your
birthday nearest the
beginning of the policy
year
5.
Enter the 1-year term
premium for $1,000 of
life insurance based on
your age. (Figure 3-1)
$
6.
Divide line 3 by $1,000
$
7.
Multiply line 6 by line 5.
This is the cost of
your incidental life
insurance
$
Chapter 13 Worksheets
Page 27
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