UAL B Fund
05-02-2016 | 08:21 AM
#41
Not on Reserve
Joined: Feb 2011
Posts: 117
Likes: 0
From: Seat 0A
Here is the IRS FAQ:
More than one plan. If you contribute to a defined contribution plan (defined in chapter 4), annual additions to an account are limited to the lesser of $53,000 or 100% of the participant's compensation. When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. Because a SEP is considered a defined contribution plan for this limit, your contributions to a SEP must be added to your contributions to other defined contribution plans you maintain.
So the total for all plans is 53K/59K, depending on age.
05-02-2016 | 10:52 AM
#42
UCH Pilot
Joined: Oct 2014
Posts: 776
Likes: 1
From: 787
Not true. You need to talk to a certified planner. Here's a good explanation of a person putting well over the $59k away.
Forbes Welcome
Forbes Welcome
05-02-2016 | 11:39 AM
#44
Gets Weekends Off
Joined: Jul 2015
Posts: 859
Likes: 0
Lots to learn here. Thanks for the advice! Right now I'm doing an extra 5% with that increasing to 10% on my anniversary date. Time to hit the books! (I started a 529 for future, not yet conceived, baby because of this conversation!)
05-02-2016 | 01:56 PM
#45
Not on Reserve
Joined: Feb 2011
Posts: 117
Likes: 0
From: Seat 0A
Not true. You need to talk to a certified planner. Here's a good explanation of a person putting well over the $59k away.
Forbes Welcome
Forbes Welcome
The article you refer to was from 2014. Only one person in the article was over 53K and he was in a 403 plan. Also SEPIRA plans do not get the 6K in step up contributions and are limited to 25% of your self employment income.
The latest IRS publication 560 is pretty clear that if you are part of a defined contribution plan you have these max limits. Hope you are right, but I'm thinking not.
05-02-2016 | 02:18 PM
#46
UCH Pilot
Joined: Oct 2014
Posts: 776
Likes: 1
From: 787
Looked this up again and will check again with my financial guy.
The article you refer to was from 2014. Only one person in the article was over 53K and he was in a 403 plan. Also SEPIRA plans do not get the 6K in step up contributions and are limited to 25% of your self employment income.
The latest IRS publication 560 is pretty clear that if you are part of a defined contribution plan you have these max limits. Hope you are right, but I'm thinking not.
The article you refer to was from 2014. Only one person in the article was over 53K and he was in a 403 plan. Also SEPIRA plans do not get the 6K in step up contributions and are limited to 25% of your self employment income.
The latest IRS publication 560 is pretty clear that if you are part of a defined contribution plan you have these max limits. Hope you are right, but I'm thinking not.
United Wealth Management, LLC | Charlottesville, VA
05-02-2016 | 02:20 PM
#47
UCH Pilot
Joined: Oct 2014
Posts: 776
Likes: 1
From: 787
Yes most of us don't have outside income. I do because I'm also on my parents business and I get distributions from that which are a lot so I can tax defer a ton, but I think it's only 20% of self-employment income. So if you get an extra $100k you can put $20k in a separate plan ABOVE the $53k/$59k.
05-02-2016 | 04:30 PM
#48
Banned
Joined: May 2014
Posts: 1,182
Likes: 0
From: Tom’s Whipping boy.
05-02-2016 | 04:44 PM
#49
Gets Weekends Off
Joined: Feb 2011
Posts: 3,866
Likes: 0
they can only access the PCRA account so you control how much they work with
they can't do options or trade on margins
investments according to your risk profile
I haven't been with them long enough to judge performance
05-03-2016 | 04:48 AM
#50
Banned
Joined: May 2014
Posts: 1,182
Likes: 0
From: Tom’s Whipping boy.
flat rate of 1.2% for accounts under $500k, no fees for trading activity
they can only access the PCRA account so you control how much they work with
they can't do options or trade on margins
investments according to your risk profile
I haven't been with them long enough to judge performance
they can only access the PCRA account so you control how much they work with
they can't do options or trade on margins
investments according to your risk profile
I haven't been with them long enough to judge performance
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