|
Forums59
Topics1,038,813
Posts13,953,222
Members144,178
| |
Most Online39,925
Dec 30th, 2023
|
|
 Re: Poll: Your yearly income
[Re: grandpa75672]
#12658449
03/05/18 03:15 AM
|
Joined: Mar 2015
Posts: 5,413
TCK73
TFF Celebrity
|
|
TFF Celebrity
Joined: Mar 2015
Posts: 5,413 |
Debt free is a good feeling, I like the sense of security. That will probably change for me soon, we are debating moving and building a new house. I will probably Be making ten years worth of payments if we do it. 
|
|
|
Re: Poll: Your yearly income
[Re: dkershen]
#12660048
03/06/18 02:52 AM
|
Joined: Dec 2003
Posts: 3,484
meP2too
TFF Team Angler
|
|
TFF Team Angler
Joined: Dec 2003
Posts: 3,484 |
Flawed Poll... needs 100K intervals up to a cool Mil. Lotta highrollers in the OT fer sure.  and it is amazing how poorly they spell.
|
|
|
Re: Poll: Your yearly income
[Re: grandpa75672]
#12660061
03/06/18 02:58 AM
|
Joined: Mar 2011
Posts: 14,748
Westside.
TFF Guru
|
|
TFF Guru
Joined: Mar 2011
Posts: 14,748 |
Fixn increase substantially, picked up new client 
|
|
|
Re: Poll: Your yearly income
[Re: grandpa75672]
#12660071
03/06/18 03:05 AM
|
Joined: Jan 2008
Posts: 13,569
Fishspanker
TFF Guru
|
|
TFF Guru
Joined: Jan 2008
Posts: 13,569 |
There should have been a couple of higher categories. $100K isn't what it used to be.
The Sheep who only fears the Wolf is eaten by the Shepherd.
|
|
|
Re: Poll: Your yearly income
[Re: grandpa75672]
#12660081
03/06/18 03:16 AM
|
Joined: Nov 2002
Posts: 12,526
fish4bass
TFF Guru
|
|
TFF Guru
Joined: Nov 2002
Posts: 12,526 |
I got a letter today that I am a "heavily compensated employee" and am limited to 16% a year into my 401K. I have put 25% into it for the last 10 years. And salary has been pretty much the same. $123k. Is this the new tax law?
And I know who "Jeff" is.
|
|
|
Re: Poll: Your yearly income
[Re: fish4bass]
#12660101
03/06/18 03:31 AM
|
Joined: Sep 2016
Posts: 9,416
Floon Swenson
TFF Celebrity
|
|
TFF Celebrity
Joined: Sep 2016
Posts: 9,416 |
I got a letter today that I am a "heavily compensated employee" and am limited to 16% a year into my 401K. I have put 25% into it for the last 10 years. And salary has been pretty much the same. $123k. Is this the new tax law? It's called a highly compensated employee. At $123k you should have been highly comped status last year, too.
|
|
|
Re: Poll: Your yearly income
[Re: fish4bass]
#12660102
03/06/18 03:31 AM
|
Joined: Jan 2008
Posts: 13,569
Fishspanker
TFF Guru
|
|
TFF Guru
Joined: Jan 2008
Posts: 13,569 |
I got a letter today that I am a "heavily compensated employee" and am limited to 16% a year into my 401K. I have put 25% into it for the last 10 years. And salary has been pretty much the same. $123k. Is this the new tax law? It's limited to $18,500 per yr for 2018. However if your over 50 you can have a special separate make up contribution of $6000 per year for a total of $24,500. The two are separate. You must make them separately. If your normal contribution % puts you over $18,500 then when you reach that amount they will stop your contribution and you will see it on your check. So you need to have a make up contribution to make up the difference.
Last edited by Fishspanker; 03/06/18 03:36 AM.
The Sheep who only fears the Wolf is eaten by the Shepherd.
|
|
|
Re: Poll: Your yearly income
[Re: grandpa75672]
#12660104
03/06/18 03:33 AM
|
Joined: Sep 2016
Posts: 9,416
Floon Swenson
TFF Celebrity
|
|
TFF Celebrity
Joined: Sep 2016
Posts: 9,416 |
And no, it doesn't have anything to do with new tax laws.
|
|
|
Re: Poll: Your yearly income
[Re: Fishspanker]
#12660107
03/06/18 03:34 AM
|
Joined: Nov 2002
Posts: 12,526
fish4bass
TFF Guru
|
|
TFF Guru
Joined: Nov 2002
Posts: 12,526 |
I got a letter today that I am a "heavily compensated employee" and am limited to 16% a year into my 401K. I have put 25% into it for the last 10 years. And salary has been pretty much the same. $123k. Is this the new tax law? It's limited to $18,500 per yr for 2018. However if your over 50 you can have a special make up contribution of $6000 per year for a total of $24,500. I am and will be calling my Matched Asset Plan. Thank you.
Last edited by fish4bass; 03/06/18 03:35 AM.
And I know who "Jeff" is.
|
|
|
Re: Poll: Your yearly income
[Re: fish4bass]
#12660115
03/06/18 03:37 AM
|
Joined: Jan 2008
Posts: 13,569
Fishspanker
TFF Guru
|
|
TFF Guru
Joined: Jan 2008
Posts: 13,569 |
I got a letter today that I am a "heavily compensated employee" and am limited to 16% a year into my 401K. I have put 25% into it for the last 10 years. And salary has been pretty much the same. $123k. Is this the new tax law? It's limited to $18,500 per yr for 2018. However if your over 50 you can have a special make up contribution of $6000 per year for a total of $24,500. I am and will be calling my Matched Asset Plan. Thank you. You have to avoid the tax man any way you can. They will bleed you to death.
The Sheep who only fears the Wolf is eaten by the Shepherd.
|
|
|
Re: Poll: Your yearly income
[Re: fish4bass]
#12660121
03/06/18 03:41 AM
|
Joined: Sep 2016
Posts: 9,416
Floon Swenson
TFF Celebrity
|
|
TFF Celebrity
Joined: Sep 2016
Posts: 9,416 |
I got a letter today that I am a "heavily compensated employee" and am limited to 16% a year into my 401K. I have put 25% into it for the last 10 years. And salary has been pretty much the same. $123k. Is this the new tax law? It's limited to $18,500 per yr for 2018. However if your over 50 you can have a special make up contribution of $6000 per year for a total of $24,500. I am and will be calling my Matched Asset Plan. Thank you. That's incorrect info. If you are categorized as an HCE you won't be able to put that much in. If the plan allowed that, it'd fail its non-discrimination testing with the IRS. Those limits above are for regular, non-highly comped employees.
|
|
|
Re: Poll: Your yearly income
[Re: grandpa75672]
#12660129
03/06/18 03:43 AM
|
Joined: Nov 2011
Posts: 7,913
RO519
TFF Celebrity
|
|
TFF Celebrity
Joined: Nov 2011
Posts: 7,913 |
Flawed Poll... needs 100K intervals up to a cool Mil. Lotta highrollers in the OT fer sure. No it is not flawed except for the missing zero. If you want a poll with incomes up to a million then post it and stop criticizing mine. And get off my damn lawn.
Fightin' Texas Aggie '14 ![[Linked Image]](https://i.imgflip.com/cw3ql.gif) ![[Linked Image]](https://upload.wikimedia.org/wikipedia/commons/thumb/6/6b/Houston-Astros-Logo.svg/150px-Houston-Astros-Logo.svg.png)
|
|
|
Re: Poll: Your yearly income
[Re: Floon Swenson]
#12660146
03/06/18 03:50 AM
|
Joined: Nov 2002
Posts: 12,526
fish4bass
TFF Guru
|
|
TFF Guru
Joined: Nov 2002
Posts: 12,526 |
I got a letter today that I am a "heavily compensated employee" and am limited to 16% a year into my 401K. I have put 25% into it for the last 10 years. And salary has been pretty much the same. $123k. Is this the new tax law? It's limited to $18,500 per yr for 2018. However if your over 50 you can have a special make up contribution of $6000 per year for a total of $24,500. I am and will be calling my Matched Asset Plan. Thank you. That's incorrect info. If you are categorized as an HCE you won't be able to put that much in. If the plan allowed that, it'd fail its non-discrimination testing with the IRS. Those limits above are for regular, non-highly comped employees. Is it the new Tax laws? Something changed. HCE is a new term. Actually .... I got a letter from my employer a week ago that said "Under new IRS rules" you are no longer a HCE... and can contribute 50%. Then got a company wide email that it was a mistake. Then got a letter in the mail that said 16%.
Last edited by fish4bass; 03/06/18 03:54 AM.
And I know who "Jeff" is.
|
|
|
Re: Poll: Your yearly income
[Re: fish4bass]
#12660151
03/06/18 03:57 AM
|
Joined: Sep 2016
Posts: 9,416
Floon Swenson
TFF Celebrity
|
|
TFF Celebrity
Joined: Sep 2016
Posts: 9,416 |
The HCE definition has been around for years and years. I designed 401k plans for companies for many years and it has been a thing for a long time.
Plans can't favor those with high incomes, 5%+ owners, or those in the top 20% of company wage earners. All that gets calculated annually by the plan administrator.
|
|
|
Re: Poll: Your yearly income
[Re: Bigbob_FTW]
#12660154
03/06/18 03:58 AM
|
Joined: Nov 2011
Posts: 7,913
RO519
TFF Celebrity
|
|
TFF Celebrity
Joined: Nov 2011
Posts: 7,913 |
Definitely some high paid people in here. I think they're counting family income. I did individual income. Base salary.
Fightin' Texas Aggie '14
|
|
Moderated by banker-always fishing, chickenman, Derek 🐝, Duck_Hunter, Fish Killer, J-2, Jacob, Jons3825, JustWingem, Nocona Brian, Toon-Troller, Uncle Zeek, Weekender1
|
