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Compare Tax SoftwareCompare tax software 6. Compare tax software Catch-Up Contributions Table of Contents The most that can be contributed to your 403(b) account is the lesser of your limit on annual additions or your limit on elective deferrals. Compare tax software If you will be age 50 or older by the end of the year, you may also be able to make additional catch-up contributions. Compare tax software These additional contributions cannot be made with after-tax employee contributions. Compare tax software You are eligible to make catch-up contributions if: You will have reached age 50 by the end of the year, and The maximum amount of elective deferrals that can be made to your 403(b) account have been made for the plan year. Compare tax software The maximum amount of catch-up contributions is the lesser of: $5,500 for 2013 and unchanged for 2014, or The excess of your compensation for the year, over the elective deferrals that are not catch-up contributions. Compare tax software Figuring catch-up contributions. Compare tax software When figuring allowable catch-up contributions, combine all catch-up contributions made by your employer on your behalf to the following plans. Compare tax software Qualified retirement plans. Compare tax software (To determine if your plan is a qualified plan, ask your plan administrator. Compare tax software ) 403(b) plans. Compare tax software Simplified employee pension (SEP) plans. Compare tax software SIMPLE plans. Compare tax software The total amount of the catch-up contributions on your behalf to all plans maintained by your employer cannot be more than the annual limit. Compare tax software For 2013 the limit is $5,500, unchanged for 2014. Compare tax software If you are eligible for both the 15-year rule increase in elective deferrals and the age 50 catch-up, allocate amounts first under the 15-year rule and next as an age 50 catch-up. Compare tax software Catch-up contributions do not affect your MAC. Compare tax software Therefore, the maximum amount that you are allowed to have contributed to your 403(b) account is your MAC plus your allowable catch-up contribution. Compare tax software You can use Worksheet C in chapter 9 to figure your limit on catch-up contributions. Compare tax software Prev Up Next Home More Online Publications
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