Question
ABC Inc. sponsors a defined contribution plan. Seth, age 39, has compensation of $150,000 for the year. ABC has made a $20,000 profit sharing plan
ABC Inc. sponsors a defined contribution plan. Seth, age 39, has compensation of $150,000 for the year. ABC has made a $20,000 profit sharing plan contribution for Seth and $5,000 of plan forfeitureswere allocatedto Seth's profit sharing plan during the year.
How much can Seth defer into his CODA plan (401(k) plan) for 2019?
I am not sure if I am working this problem correctly....please advise
$280,000 for 2019 - Defined Contribution 20,000 - employer contribution
$280,000 for 2019 - Defined Benefit 150,000- employee contribution
5,000- forfeitures
=??
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