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Financial Planning / Tax Strategies
|Subject: Re: Taxability of Nonelective 403b Contributions||Date: 6/22/2006 12:52 AM|
|Author: bmillz||Number: 87507 of 121806|
I think more information is necessary. You mention a contract. And you mention a set amount being paid into the plan. What is the nature of these items?
Thanks for your reply. It's helpful, eventhough I'm beginning to think that it might be partly taxable after all.
I guess the determining factor is likely my contract. It is not a union contract, it specifically belongs to me. However, I am one of only four employees and we all have substantially different jobs.
In my contract it has a line item that is for retirement. It is not based on a percentage of income. In fact, I don't think it is based on anything other than what they thought a reasonable amount would be. Although I didn't bargain on that part of the contract, I did negoitiate a slightly higher salary then they were offering. So I guess I logically could have made a bigger case for more of an employer contribution to the account.
I think my former employer had a similar arrangement with some of their employees, maybe I'll call and ask how they report the income as I think that will be the deciding factor.
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