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Pension deductions?
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<blockquote data-quote="Brownslave688" data-source="post: 2303671" data-attributes="member: 34439"><p>No it's not. </p><p></p><p>Straight from the irs.gov</p><p></p><p><strong><span style="font-size: 22px">401(k) Plans - Deferrals and matching when compensation exceeds the annual limit</span></strong></p><p>Unless your plan terms provide otherwise, the salary (elective) deferral limit is applied uniformly to the compensation that the employee receives throughout the year.</p><p></p><p>Compensation and contribution limits are subject to <a href="https://www.irs.gov/retirement-plans/cola-increases-for-dollar-limitations-on-benefits-and-contributions" target="_blank">annual cost-of-living adjustments</a>. The annual limits are:</p><ul> <li data-xf-list-type="ul"><strong>total employee and employer contributions</strong> (including forfeitures) - the lesser of 100% of an employee’s compensation or $53,000 for 2015 and 2016 (not including "catch-up" elective deferrals of $6,000 in 2015 and 2016 for employees age 50 or older) </li> </ul><p></p><p><a href="https://www.irs.gov/retirement-plans/401k-plans-deferrals-and-matching-when-compensation-exceeds-the-annual-limit" target="_blank">401(k) Plans - Deferrals and matching when compensation exceeds the annual limit</a></p></blockquote><p></p>
[QUOTE="Brownslave688, post: 2303671, member: 34439"] No it's not. Straight from the irs.gov [B][SIZE=6]401(k) Plans - Deferrals and matching when compensation exceeds the annual limit[/SIZE][/B] Unless your plan terms provide otherwise, the salary (elective) deferral limit is applied uniformly to the compensation that the employee receives throughout the year. Compensation and contribution limits are subject to [URL='https://www.irs.gov/retirement-plans/cola-increases-for-dollar-limitations-on-benefits-and-contributions']annual cost-of-living adjustments[/URL]. The annual limits are: [LIST] [*][B]total employee and employer contributions[/B] (including forfeitures) - the lesser of 100% of an employee’s compensation or $53,000 for 2015 and 2016 (not including "catch-up" elective deferrals of $6,000 in 2015 and 2016 for employees age 50 or older) [/LIST] [URL="https://www.irs.gov/retirement-plans/401k-plans-deferrals-and-matching-when-compensation-exceeds-the-annual-limit"]401(k) Plans - Deferrals and matching when compensation exceeds the annual limit[/URL] [/QUOTE]
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