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Free Tax Estimator 2011

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Free Tax Estimator 2011

Free tax estimator 2011 Publication 908 - Additional Material Prev  Up  Next   Home   More Online Publications
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The Free Tax Estimator 2011

Free tax estimator 2011 2. Free tax estimator 2011   Maximum Amount Contributable (MAC) Table of Contents Components of Your MAC How Do I Figure My MAC?Elective deferrals only. Free tax estimator 2011 Nonelective contributions only. Free tax estimator 2011 Elective deferrals and nonelective contributions. Free tax estimator 2011 When Should I Figure My MAC? Throughout this publication, the limit on the amount that can be contributed to your 403(b) account for any year is referred to as your maximum amount contributable (MAC). Free tax estimator 2011 This chapter: Introduces the components of your MAC, Tells you how to figure your MAC, and Tells you when to figure your MAC. Free tax estimator 2011 Components of Your MAC Generally, before you can determine your MAC, you must first figure the components of your MAC. Free tax estimator 2011 The components of your MAC are: The limit on annual additions (chapter 3), and The limit on elective deferrals (chapter 4). Free tax estimator 2011 How Do I Figure My MAC? Generally, contributions to your 403(b) account are limited to the lesser of: The limit on annual additions, or The limit on elective deferrals. Free tax estimator 2011 Depending upon the type of contributions made to your 403(b) account, only one of the limits may apply to you. Free tax estimator 2011 Which limit applies. Free tax estimator 2011   Whether you must apply one or both of the limits depends on the type of contributions made to your 403(b) account during the year. Free tax estimator 2011 Elective deferrals only. Free tax estimator 2011   If the only contributions made to your 403(b) account during the year were elective deferrals made under a salary reduction agreement, you will need to figure both of the limits. Free tax estimator 2011 Your MAC is the lesser of the two limits. Free tax estimator 2011 Nonelective contributions only. Free tax estimator 2011   If the only contributions made to your 403(b) account during the year were nonelective contributions (employer contributions not made under a salary reduction agreement), you will only need to figure the limit on annual additions. Free tax estimator 2011 Your MAC is the limit on annual additions. Free tax estimator 2011 Elective deferrals and nonelective contributions. Free tax estimator 2011   If the contributions made to your 403(b) account were a combination of both elective deferrals made under a salary reduction agreement and nonelective contributions (employer contributions not made under a salary reduction agreement), you will need to figure both limits. Free tax estimator 2011 Your MAC is the limit on the annual additions. Free tax estimator 2011   You need to figure the limit on elective deferrals to determine if you have excess elective deferrals, which are explained in chapter 7. Free tax estimator 2011 Worksheets. Free tax estimator 2011   Worksheets are available in chapter 9 to help you figure your MAC. Free tax estimator 2011 When Should I Figure My MAC? At the beginning of 2014, you should refigure your 2013 MAC based on your actual compensation for 2013. Free tax estimator 2011 This will allow you to determine if the amount that has been contributed to your 403(b) account for 2013 has exceeded the allowable limits. Free tax estimator 2011 In some cases, this will allow you to avoid penalties and additional taxes. Free tax estimator 2011 See chapter 7. Free tax estimator 2011 Generally, you should figure your MAC for the current year at the beginning of each tax year using a conservative estimate of your compensation. Free tax estimator 2011 If your compensation changes during the year, you should refigure your MAC based on a revised conservative estimate. Free tax estimator 2011 By doing this, you will be able to determine if contributions to your 403(b) account can be increased or should be decreased for the year. Free tax estimator 2011 Prev  Up  Next   Home   More Online Publications