I have two 403(b) plans, a 457, and a solo 401(k). My understanding is the 415(c) limit is $69,000. One 403(b) plan is employer contribution only. For the other 403(b) plan, I contribute $23,000, plus the $7500 catch-up, plus there is a 2:1 employer match up to 2.5 percent of income.
For purposes of the 415(c) limit, I believe I add both mine and my employer's matching contributions to my two 403(b) plans, subtract out my $7500 catch-up contribution, add my employer contributions to my solo 401(k) plan, and ignore my 457 plan. That number cannot exceed $69,000 in 2024.
I have cobbled this together from reading 415(c), various revenue rulings, and WCI blog.
Is this correct?
For purposes of the 415(c) limit, I believe I add both mine and my employer's matching contributions to my two 403(b) plans, subtract out my $7500 catch-up contribution, add my employer contributions to my solo 401(k) plan, and ignore my 457 plan. That number cannot exceed $69,000 in 2024.
I have cobbled this together from reading 415(c), various revenue rulings, and WCI blog.
Is this correct?
Statistics: Posted by commerciallaw — Tue Nov 12, 2024 6:34 pm — Replies 1 — Views 173