Airline Pilot Central Forums - Any "Latest & Greatest" about Delta?

So how do we mechanize that for those of us who maxed out the 17.5, but have room within the 52k limit for this PS check? I want ALL PS money going to fill up that 52k limit.
Thanks

Raging,

You can't put in more pre-tax or Roth, but you can make after-tax contributions, commonly referred to as "401(A)" contributions. These are after-tax contributions whose earnings will be tax deferred. However, after you do that, if desired, you can elect to roll those out with the original contributions being rolled to a Roth IRA, and the earnings rolled to a normal IRA. It essentially permits you to make Roth contributions beyond the $17.5 limit, so long as you do the two-step process.

Pineapple Guy

09-28-2014 06:19 AM

Quote:

Originally Posted by Check Essential (Post 1735522)

That would be nice but the IRS won't allow it. The profit-sharing money is not "qualified" retirement money. It's ordinary income. Only the 15% is qualified money.
You can put the profit-sharing into your 401(k) but not into the DPSP. If you've already hit the $17,500 limit into your 401(k) then you are out of luck. The profit-sharing is taxable wages.

Check - the DPSP (Delta Pilots Savings Plan) IS our 401(k). As I explained to Raging in the post above, he still can make after-tax "401(A)" contributions to the DPSP, if desired.

dalad

09-28-2014 07:10 AM

Quote:

Originally Posted by Pineapple Guy (Post 1735940)

Set the money aside until 1 JAN and fill up your Roth, etc.

TenYearsGone

09-28-2014 09:12 AM

Quote:

Originally Posted by Pineapple Guy (Post 1735944)

Check - the DPSP (Delta Pilots Savings Plan) IS our 401(k). As I explained to Raging in the post above, he still can make after-tax "401(A)" contributions to the DPSP, if desired.

Can you still make 401A if you have maxed out the 52K limit? After the 52K limit would you say just buy property or add to a mutualfund/etf/stock via brokerage link?? When we have no money: we have problems- when we make too much money; we have problems too!!:D

TEN

Check Essential

09-28-2014 10:19 AM

Quote:

Originally Posted by Pineapple Guy (Post 1735944)

Check - the DPSP (Delta Pilots Savings Plan) IS our 401(k). As I explained to Raging in the post above, he still can make after-tax "401(A)" contributions to the DPSP, if desired.

Roger that. Thanks for the clarification.
I omitted the 401(a) after tax option.

nwaf16dude

09-28-2014 11:23 AM

Paycheck details for the 10/3 profit sharing advance are available on Deltanet already.

RockyBoy

09-28-2014 11:29 AM

Quote:

Originally Posted by sailingfun (Post 1735745)

What would your suggestion be on how to handle the situation? Your fully pay protected in the current month and aware of any changes in the following month prior to bid opening. There has to be a mechanism to adjust rotations month to month.

While this whole issue is down the list on my "fixes", I've worked at 2 other airlines that didn't need a mechanism to adjust rotations month to month. Both of those places seemed to make it just fine during the transition using reserves to cover anything that needed to be adjusted.

It's another one of those Delta deals where that is the way it's been done since the 60's. There can't possibly be another way to accomplish the task, so let's not even try.

buzzpat

09-28-2014 11:40 AM

Quote:

Originally Posted by nwaf16dude (Post 1736101)

Paycheck details for the 10/3 profit sharing advance are available on Deltanet already.

Sweet! Thanks f16dude!!

badflaps

09-28-2014 12:02 PM

Only two times Chicago has to lock up the 'wimmen'. 'Cincy' in baseball and Packers in football......

PilotFrog

09-28-2014 12:17 PM

How is the tax figured on this PS check? If I did my math right, and I hardly ever do, it got hit with 37%