Publication 571 - Tax-Sheltered Annuity Plans (403(B) Plans) For Employees Of Public Schools And Certain Tax-Exempt Organizations Page 30
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37Worksheet 2. Year of Separation From Service Limit
Note: Use this worksheet to figure your MAC if you are using the year of separation from service limit.
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 (limited to 10 years) as of the end of 2001
5.
Multiply line 3 by line 4
$
6.
Enter your amounts previously excludable during the last 10 years (including
prior years’ excess contributions)
$
7.
Subtract line 6 from line 5. This is your MEA
$
Part II. Limit on Annual Additions
35,000
8.
Maximum
$
Caution: If you had only elective deferrals, complete Part III and figure your MAC
using line 21. Do not complete line 22. If you had only nonelective contributions,
skip Part III and figure MAC using line 22. Do not complete line 21. If you had
both elective deferrals and nonelective contributions, stop here and go to
Worksheet 5.
Part III. Limit on Elective Deferrals
10,500
9.
Maximum contribution
$
NOTE: If you have at least 15 years of service with a qualifying organization,
complete lines 10 through 20; if not, enter (0) on line 19 and go to line 20.
5,000
10.
Amount per years of service
$
11.
Enter your years of service
12.
Multiply line 10 by line 11
$
13.
Enter the total of all elective deferrals made by your employer on your behalf for
earlier years
$
14.
Subtract line 13 from line 12; if zero or less, enter (0)
$
15,000
15.
Maximum increase in limit for long service
$
16.
Enter all prior year increases in the limit for long service
$
17.
Subtract line 16 from line 15
$
3,000
18.
Maximum additional contributions
$
19.
Enter the least of lines 14, 17, or 18. This is the increase in limit for long service
$
20.
Add lines 9 and 19. This is your limit on elective deferrals. Complete line 21
$
Part IV. Maximum Amount Contributable (MAC)
21.
Enter the least of lines 7, 8, or 20. This is your MAC for 2001
$
22.
Enter the lesser of line 7 or line 8. This is your MAC for 2001
$
Page 30
Chapter 13 Worksheets
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