4 Ret Acct 2 Flashcards
(18 cards)
SEP IRA
ER contribution
EE contribution
Amount
optional
not ee funded
25% wages to max
529
roth
tax free at fed level, may be taxed at state
Sec 457
state & local govt ees
police & firemen
deferred comp plans (4)
after tax
no ERISA
can discriminate
ee deferrs current income for payout in retirement
Qualified
- Contributions
- IRS
- Discrimination
- Tax on Accumulation
- Trust
- Pre tax
- approved
- not allowed
- deferred
- is a trust
Money Purchase Plan
requires co to contribute
403b
non profit
403b
what kind of annuities
tax sheltered annuities (TSA)
Non-Qualified
- Contributions
- IRS
- Discrimination
- Tax on Accumulation
- Trust
- after tax
- not approved
- allowed
- deferred
- not a trust
Deferred Comp Plan
Payroll Ded Plan
Keogh
who eligible
contrib %
sole proprietors
20% owner comp
25% ee comp, FT EE 1000 hrs/yr
SIMPLE IRA
EEs
ER match
EE can roll into another SIMPLE
3% of contribution
or
2% of ee salary
403b
what’s in
mutual funds and annuities
Profit Sharing Plans
DC Plan
only if profit
optional ER contributions
Qualified Plan
(4)
Pre-Tax
Defined Benefit
Profit Sharing
Keogh
HR-10
Non Qualified
After Tax
Deferred Comp
529
IRA Income Must Be
Earned not passive (rent payments)
HR-10
employment type?
EE contributions?
self
required if conribute for self
Coverdell Edu
- income
- before / after tax
- contribution max
- if not used by 30 options
- only low
- after
- $2,000 / child / year till 18
- distribute with tax & 10% penalty or roll into other coverdell for other child
