Part I. Limit on Annual Additions | | |
1. | Enter your includible compensation for your most recent year of service | 1. | $70,475 |
2. | Maximum - For 2008, enter $46,000
- For 2009, enter $49,000
| 2. | 49,000 |
3. | Enter the lesser of line 1 or line 2. This is your limit on annual additions | 3. | 49,000 |
| Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. | | |
Part II. Limit on Elective Deferrals | | |
4. | Maximum contribution - For 2008 enter $15,500
- For 2009 enter $16,500
| 4. | 16,500 |
| Note. If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. If not, enter zero (-0-) on line 16 and go to line 17. | | |
5. | Amount per year of service | 5. | 5,000 |
6. | Enter your years of service | 6. | |
7. | Multiply line 5 by line 6 | 7. | |
8. | Enter the total of all elective deferrals for prior years made for you by qualifying organizations | 8. | |
9. | Subtract line 8 from line 7. If zero or less, enter zero (-0-) | 9. | |
10. | Maximum increase in limit for long service | 10. | 15,000 |
11. | Enter all prior year increases in the limit for long service | 11. | |
12. | Enter the total amount of all designated Roth contributions for prior years | 12. | |
13. | Add lines 11 and 12 | 13. | |
14. | Subtract line 13 from line 10 | 14. | |
15. | Maximum additional contributions | 15. | 3,000 |
16. | Enter the least of lines 9, 14, or 15. This is your increase in the limit for long service | 16. | -0- |
17. | Add lines 4 and 16. This is your limit on elective deferrals | 17. | 16,500 |
| Part III. Maximum Amount Contributable | | |
18. | - If you had only nonelective contributions, enter the amount from line 3. This is your MAC.
- If you had only elective deferrals, enter the lesser of lines 3 or 17. This is your MAC.
- If you had both elective deferrals and nonelective contributions, enter the amount from line 3. This is your MAC. (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7.)
| 18. | $16,500 |