Source: http://taxblog.dickinson-wright.com/author/debgrace/
Timestamp: 2018-03-20 17:06:44
Document Index: 54352782

Matched Legal Cases: ['§ 318', '§ 351', '§ 338', '§ 1', '§ 301', '§ 1']

Deborah Grace, Author at DW Tax Blog
Posted by Deborah Grace | Feb 15, 2018 | Deb Grace, Dickinson Wright, IRS, Tax, Tax Code Section, tax codes, Taxation, taxes
Tax Code Section 402(b) imposes annual limits on employee deferral contributions made to a 401(k) or 403(b) plan. For 2017, the limit is $18,000 if you were under age 50, and $24,000 if you were age 50 or older. Your form W-2 will show the amount of salary deferrals that your employer withheld from your pay in 2017. The amount will be included in Box 12 with a code of D, E, F or G indicating the type of plan to which you contributed. If you worked for just one employer in 2017, that employer, as part of its annual testing, will confirm that your 2017 salary deferral contributions to its 401(k) plan or 403(b) plan did not exceed the annual limit. The annual deferral limits are applied separately to 401(k) plans and 403(b) plans. If you worked for more than one employer in 2017, it’s up to you to confirm that your salary deferral contributions to two or more 401(k) or 403(b) plans did not exceed the applicable limit. For example, if you are a professor and you taught courses at two different universities during the calendar year, and made contributions to each school’s 403(b) plan, you need to confirm that the total of your salary deferrals for 2017 does not exceed the limit. If you find that your salary deferrals exceed the limit, you will need to...
Posted by Deborah Grace | Dec 4, 2017 | Deborah Grace, Health Savings Account, Tax, taxes
If the answer is yes, then the company must have a written plan document that complies with IRC Section 125. This section of the tax code provides that an employee will not be taxed on the employee’s cost of coverage even though the employee is given a choice between receiving his full salary or a reduced salary and non-taxable benefits. Besides avoiding federal income tax on the premiums paid for coverage, the premiums are also exempt from both the employee’s and the employer’s share of the Social Security and Medicare taxes. Employees’ contributions to a health savings account are also exempt from Federal income tax, and Social Security and Medicare taxes if these contributions are part of a Section 125 plan. If a company has been allowing these pre-tax payments for a number of years, it’s time to pull out the plan document and confirm that it reflects the current operations of the company. A Section 125 plan may be labeled as a “premium conversion plan”, or a “cafeteria plan” or a “flexible benefits plan”. It may include flexible spending accounts or be limited to allowing pre-tax premium contributions. The document should have been adopted by the company prior to the date that employees were allowed to make pre-tax premium payments. If you or your clients have questions about a Section 125 plan, please call Deb Grace in the...
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