Publication 571 - Tax-Sheltered Annuity Plans (403(B) Plans) For Employees Of Public Schools And Certain Tax-Exempt Organizations Page 29
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37Worksheet 1. Maximum Amount Contributable (No Alternatives) for 2001
Note: Use this worksheet to figure your MAC if you are not using an alternative limit on annual additions. If you are using an alternative limit, you
must use Worksheet 2, 3, or 4.
Part I. Maximum Exclusion Allowance (MEA)
1.
Enter your includible compensation for your most recent year of service
$
20%
2.
Percentage limit
3.
Multiply line 1 by line 2
$
4.
Enter your years of service as of the end of 2001
5.
Multiply line 3 by line 4
$
6.
Enter your amounts perviously excludable (prior years’ contributions)
$
7.
Subtract line 6 from line 5. This is your MEA
$
Part II. Limit on Annual Additions
8.
Enter your total compensation for 2001
$
25%
9.
Compensation limit
10.
Multiply line 8 by line 9
$
35,000
11.
Maximum
$
12.
Enter the lesser of line 10 or line 11. This is your limit on annual additions
$
Caution: If you had only elective deferrals, complete Part III and figure your MAC
using line 25. Do not complete line 26. If you had only nonelective contributions,
skip Part III and figure MAC using line 26. If you had both elective deferrals and
nonelective contributions, stop here and go to Worksheet 5.
PART III. Limit on Elective Deferrals
10,500
13.
Maximum contributions
$
NOTE: If you have at least 15 years of service with a qualifying organization,
complete lines 14 through 24; if not, enter (0) on line 23 and go to line 24.
5,000
14.
Amount per years of service
$
15.
Enter your years of service
16.
Multiply line 14 by line 15
$
17.
Enter the total of all elective deferrals made by your employer on your behalf for
earlier years
$
18.
Subtract line 17 from line 16; if zero or less, enter (0)
$
15,000
19.
Maximum increase in limit for long service
$
20.
Enter all prior year increases to the general limit for long service
$
21.
Subtract line 20 from line 19
$
3,000
22.
Maximum additional contributions
$
23.
Enter the least of lines 18, 21, or 22. This is the increase in the limit for long service
$
24.
Add lines 13 and 23. This is your limit on elective deferrals. Complete line 25
$
PART IV. Maximum Amount Contributable (MAC)
25.
Enter the least of lines 7, 12, or 24. This is your MAC for 2001
$
$
26.
Enter the lesser of line 7 or line 12. This is your MAC for 2001
Chapter 13 Worksheets
Page 29
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form 5306-a - Application For Approval Of Prototype Simplified Employee Pension (sep) Or Savings Incentive Match Plan For Employees Of Small Employers (simple Ira Plan)
Financial
Form 5306-a - Application For Approval Of Prototype Simplified Employee Pension (sep) Or Savings Incentive Match Plan For Employees Of Small Employers (simple Ira Plan)
Financial
Form 5306-a - Application For Approval Of Prototype Simplified Employee Pension (sep) Or Savings Incentive Match Plan For Employees Of Small Employers (simple Ira Plan)
Financial
Form 5306-a - Application For Approval Of Prototype Simplified Employee Pension (sep) Or Savings Incentive Match Plan For Employees Of Small Employers (simple Ira Plan)
Financial
Form 5304-simple - Savings Incentive Match Plan For Employees Of Small Employers (simple) - Not For Use With A Designated Financial Institution
Financial
Form 5305-simple - Savings Incentive Match Plan For Employees Of Small Employers (simple) - For Use With A Designated Financial Institution
Financial
Form 5305-simple - Savings Incentive Match Plan For Employees Of Small Employers (simple) For Use With A Designated Financial Institution
Financial
Form 5305-simple - Savings Incentive Match Plan For Employees Of Small Employers (simple) For Use With A Designated Financial Institution
Financial
Related Categories
Parent category: Financial