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If you don't fix your excess contributions by tax day, however, you will likely be on the hook for additional taxes. In fact, excess deferrals are subject to double taxation?that is, they're taxed in the year you contributed the money and again in the year when you withdraw the excess funds.

IRS Publication 560: Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) is a document published each year by the Internal Revenue Service detailing information for business owners who wish to set up retirement plans for themselves and their employees.

The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $22,500 in 2023 ($20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).

4 For the 2023 plan year, an employee who earns more than $135,000 in 2022 is an HCE. For the 2024 plan year, an employee who earns more than $150,000 in 2023 is an HCE. This information is not intended to provide tax or legal advice. Please consult a tax or legal professional as necessary.

This publication discusses retirement plans you can set up and maintain for yourself and your employees. This publication covers the following types of retirement plans. SEP (simplified employee pension) plans. SIMPLE (savings incentive match plan for employees) plans.

5 Things You Can Do in Your 60s to Better Prepare for Retirement Optimize your Social Security benefits. Understand how Medicare works. Know about required minimum distributions (RMDs) Further examine tax implications, especially with your retirement accounts. Finalize your vision for retirement.

A SMART objective is one that is specific, measurable, achievable, relevant, and time-bound. SMART objectives provide the details for how a group or organization will achieve a goal.