Joanna, age 44, defers $23,000 in a qualified 401(k) plan in 2017. a. What amount must
Question:
Joanna, age 44, defers $23,000 in a qualified § 401(k) plan in 2017.
a. What amount must be returned to Joanna and by what date?
b. In what year will the amount be taxed?
c. What percent of the tax will be imposed on the employer if excess contributions are not returned by what date?
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A 401k plan allows participants to elect to receive up to 18000 in 2017 in cash taxed currently or to have a contribution made on their behalf to a pr...View the full answer
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Related Book For 
South Western Federal Taxation Individual Income Taxes 2018
ISBN: 9781337385893
41st Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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