Team USA is not expected to win, but they believe actions speak louder than words. (Definition of âactions speak louder than wordsâ from the Cambridge Academic Content Dictionary Â© Cambridge University Press)
If the plan year is different the fiscal year, there is a good chance two sets of compensation values will need to be used, one for deductibility purposes, and the other for plan allocation purposes. The ESOP plan document definition of compensation may be different than the compensation used for deduction limits.
Dec 22, 2016 at 7:13AM. The easy answer is that the limit for IRA contributions set by the IRS is $5,500 for the 2017 tax year, with an additional $1,000 catch-up contribution allowed if you're over 50. However, there's a little more to the story.