sjrcpa
Level 15
05-10-2023
09:10 PM
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If I find time to research this I will throw some Code Sections at you.. I do know I am correct.
FYI- a 401(k) Plan is a Profit Sharing Plan that allows for elective salary deferrals (this is the IRC 401(k) part). And IRS Publications are not authoritative.
I did a search in the Pub for "catch-up" and every place I found it was referring to salary reduction/deferrals.
P.S. Your quote from the Pub says "A plan can permit participants who are age 50 or over at the end of the calendar year to make catch-up contributions" Profit sharing contributions are Employer contributions. Participants make elective deferrals/salary reduction contributions.
The more I know the more I don’t know.