Page 66 - Wages, Salaries and Other Earnings

Retirement Plan Contributions

Excess deferrals

• Your employer or plan
administrator should apply the
proper annual limit when figuring
your plan contributions.
• However, you’re responsible for Catch-up contributions
monitoring the total you defer to
ensure that the deferrals aren’t • You may be allowed
more than the overall limit.
• If you set aside more than the catch-up
limit, the excess must generally contributions
be included in your income for (additional elective
that year, unless you have an
excess deferral of a designated deferral) if you’re age
Roth contribution. 50 or older by the end
• See Pub. 525 for a discussion of of the tax year.
the tax treatment of excess
deferrals.