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Fundamentals Series 09: The 415 and Deduction Limits
Presentor: Derrin Watson Recorded Date: 4/20/2015 Duration: 60 Min.

Description
This program was recorded during a live presentation given on April 20, 2015 at 12:00PM EST.
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Do you need to train someone new? Do you need to brush up on the basics, or to fill in gaps in your knowledge? SunGard’s Fundamental series may be just what you need. 14 convenient 1-hour web seminars provide the information a pension practitioner needs to function effective in the modern 401(k) world. Pick and choose the topics you need, or participate in the entire series: the choice is yours. Our standard pricing has been discounted to make attendance to all sessions in this series more cost effective. The series will cover the following:

  • Fundamental Series 01: Eligiblity
  • Fundamental Series 02: Vesting
  • Fundamental Series 03: Compensation: HCEs
  • Fundamental Series 04: Coverage test (ratio percentage only)
  • Fundamental Series 05: Elective deferrals - including 402(g), automatic enrollment, distribution restrictions
  • Fundamental Series 06: ADP/ACP test
  • Fundamental Series 07: 401(k) safe harbors
  • Fundamental Series 08: Nondiscrimination testing
  • Fundamental Series 09: 415 and deduction limits
  • Fundamental Series 10: Top-heavy
  • Fundamental Series 11: Controlled Groups
  • Fundamental Series 12: Participant loans
  • Fundamental Series 13: Taxation: Roth
  • Fundamental Series 14: Fiduciary requirements: reporting and disclosure

Fundamentals Series 09: The 415 and Deduction Limits

Section 415 of the Code places a cap on the amount of annual additions that may be contributed to a participant’s retirement account. This year the 415 limit is $53,000. Many unique retirement plan features are designed around the 415 limit.

An employer’s primary concern with a 401(k) plan is whether its contributions will be deductible in the year contributed. Section 404 of the Code provides an annual deduction limit. This program discusses both of these key limitations and the consequences of contributing a nondeductible contribution to a 401(k) plan. Topics include:

  • Annual additions
  • Compensation and dollar limits
  • Contribution timing
  • Fiscal year plans
  • Deduction limit
  • Participants used in deduction limit
  • Participant compensation
  • Excess nondeductible contributions
  • Excise tax
  • Minimum contributions
  • Self-employed individuals
Prerequisites:

There are no prerequisites or advance preparation for this presentation.

Level: Introductory.

Instructional Delivery Method
Group – Internet-Based

Speaker: S. Derrin Watson, J.D.
Recipient of ASPPA's 2006 Educator of the Year Award

Objectives: After attending the program you should be able to:

 

  • Apply the 415 limit to participants
  • Correct 415 violations
  • Calculate the annual deductible limit
  • Calculate compensation used for deduction and 415 purposes
  • Determine the excise tax for nondeductible contributions

 

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