Original publisher: [Washington, D.C.?] : Dept. of the Treasury, Internal Revenue Service, OCLC Number: (OCoLC)55665911 Subject: 403(b) plans -- Taxation -- United States -- Handbooks, manuals, etc. Excerpt: ... Page 15 of 21 of Publication 571 13: 07-20-DEC-2010 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. For more information on IRAs, see Publica-Checking the Previous tion 590. Year's Contributions Frozen deposits. The 60-day period usually 9. At the beginning of the following year, you allowed for completing a rollover is extended for should refigure your MAC based on your actual any time that the amount distributed is a frozen earned income. deposit in a financial institution. The 60-day pe-At the end of the current year or the begin-Worksheets riod cannot end earlier than 10 days after the ning of the next year, you should check your deposit ceases to be a frozen deposit. contributions to be sure you did not exceed your A frozen deposit is any deposit that on any Chapter 2 introduced you to the term maximum MAC. This means refiguring your limit based on day during the 60-day period cannot be with-amount contributable ( MAC ). Generally, your your actual compensation figures for the year. drawn because: MAC is the lesser of your: This will allow you to determine if the amount Limit on annual additions ( chapter 3 ), or • 1. The financial institution is bankrupt or in-contributed is more than the allowable amounts, solvent, or and possibly avoid additional taxes. • Limit on elective deferrals ( chapter 4 ). 2. The state where the institution is located Available Worksheets The worksheets in this chapter can help you has placed limits on withdrawals because figure the cost of incidental life insurance, your one or more banks in the state are ( or are The following worksheets have been provided to includible compensation, your limit on annual about to be ) bankrupt or insolvent. help...
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