Table of Contents
The most that can be contributed to your 403(b) account is the lesser of your limit on annual additions or your limit on elective deferrals.
If you will be age 50 or older by the end of the year, you may also be able to make additional catch-up contributions. These additional contributions cannot be made with after-tax employee contributions.
You are eligible to make catch-up contributions if:
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You will have reached age 50 by the end of the year, and
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The maximum amount of elective deferrals that can be made to your 403(b) account have been made for the plan year.
The maximum amount of catch-up contributions is the lesser of
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$5,000, or
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The excess of your compensation for the year, over the elective deferrals that are not catch-up contributions.
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Qualified retirement plans. (To determine if your plan is a qualified plan, ask your plan administrator.)
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403(b) plans.
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Simplified employee pension (SEP) plans.
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SIMPLE plans.
You can use Worksheet C in chapter 9 to figure your limit on catch-up contributions.
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