Originally Posted by
bugman61
For 2022, the IRS compensation limit is 305k, so you will start getting dpsp cash then. Next year it’s $330k.
What will be interesting about the optionality is how they handle it if the irs says it’s all or nothing. They have stated it will need to be voted on again. Would they combine that vote with a contract vote if the events occurred at the same time? I sure hope not.
Do you know where in the IRS regs the compensation limit is 305/330? I can find the "max is 61k" and "no more than 100% of your compensation" but I haven't done an exhaustive search of IRS regs.
Non related to contract, but I'd almost prefer if the IRS took X percent off the top and I never had to worry about having some record from 6 years ago, audits, filing, nothing. Just here is XX percent of your gross, have a nice life. Our tax code sucks. But back to contract limits.
Did not know there was a max limit, other than can't exceed 100%. Thank you.