Welcome to the MDTAXES Message Board

The MDTAXES Network is an affiliation of CPAs that specialize in the tax planning and preparation for young health care professionals.  Please leave your questions or comments for our CPAs, who visit the message board regularly, or review the answers, suggestions and ideas posted in response to your colleagues' questions.

Please check out our other Message Boards available at www.FindAGoodCPA.com.

Please note: We are NOT affiliated with the Maryland Tax Department. If you're looking for information about Maryland income taxes, go to www.marylandtaxes.com.

IRAs and Roth IRAs
Start a New Topic 
View Entire Thread
Re: 403 B-Profit Sharing Question

Actually, depending on the plans offered by each employer, and the amount you earn from each employer, and your age, you could put away as much as $103.5k per year. I got that number based on a maximum annual contribution per plan of $49k plus an additional $5.5k in catch up contributions by a person who is 50 or older.

It's not very likely, however, that you will find yourself in a situation where you will be working for two employers who will each putting away the max of $49k on your behalf.

In your case, it appears you will be working for one employer who is maxing out the $49k, and then you are working for a second employer that offers a 403b plan. As long as you are not making salary deferrals into a 401k plan through the first employer, you should be able to elect to have $16.5k of your salary from your second job go into that employer's 403b plan.

Zip Code: 01801