B Plan, IRS Code
Can none tell me what IRS section covers the typical “B” plan, which is a defined contribution plan?
My son works for a company that is making a lot and looking for ways to save more, tax sheltered..like our B plans. |
Originally Posted by hopp
(Post 3597383)
Can none tell me what IRS section covers the typical “B” plan, which is a defined contribution plan?
My son works for a company that is making a lot and looking for ways to save more, tax sheltered..like our B plans. |
Originally Posted by Myfingershurt
(Post 3597458)
Umm, isn’t it section 401(k)?
It looked and is managed like a 401(k). |
Originally Posted by hopp
(Post 3597515)
401(k) contributions are limited to about $20000 /yr. The “B fund” was funded by the company to a maximum of $57,000, combined value with 401((k).
It looked and is managed like a 401(k). |
Originally Posted by Myfingershurt
(Post 3597554)
Personal contributions are limited to 20k-ish. The company can contribute up to the max 415(c) limit every year which is $66k for 2023. But the plan is still a 401(k). The two contributions (personal and company) can’t total more than that $66k. That’s where a lot of higher earners get into a situation where they max out and are looking for some sort of additional vehicle like a tax deferred MBCBP to put the excess money.
415(c).. Yes! That’s it. Thank you. Somewhere in the brain fog I had forgotten. Is the MBCNP allowed in addition to a 401(k)? What are the limits? Appreciate it. |
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