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Need Some Deductions for 2011?
Don't overlook these!
Updated for 2011
Qualified Plans
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Timing Deductible Contributions to a Qualified Plan
With a qualified plan, you can make deductible contributions for a tax year up to the due date of your return (plus extensions) for that year if the plan was established by the end of the year for which you want to deduction to apply.
For example, if you want to make deductible contributions for 2011 (assuming you're on a calendar year) you can make the contributions as late as the due date of your return, April 17, 2012 (plus extensions) provided the qualified plan was established no later than December 31, 2011.
Promissory Notes
Your promissory note made out to the plan is not a payment that qualifies for the deduction.
In addition, issuing such a note is a prohibited transaction.
Next:
Qualified Plans: One-Person 401(k) Plan; Overall Annual Contribution Limit
Related Links
- What Are Qualified Plans?
- Deducting Plan Contributions
- Who Can Set Up a Qualified Plan
- Professional Assistance
- Qualification Rules for Qualified Plans
- Qualified Plan Participation Rules
- Restrictions on Conditions of Participation in Qualified Plan
- Minimum Vesting Standards for Qualified Plans
- Two Kinds of Qualified Plans
- Defined Contribution Plan
- Funding Requirement for Defined Contribution Plans
- Maximum Deductible Percentage for Contributions
- Defined Benefit Plan
- Funding Requirement for Defined Benefit Plans
- Annual Benefit Limit Under a Defined Benefit Plan
- 401(k) Plans
- SIMPLE 401(k) Plans
- Matching Contributions
- Nonelective Contributions
- Limit on Elective Deferrals
- Catch-Up Contributions for a 401(k) Plan
- Employee Compensation Limit
- Form W-2 Reporting for Elective Deferrals
- Automatic Enrollment in a 401(k) Plan
- Limits on Contributions and Benefits
- Contribution Restriction for Self-Employed Persons
- Figuring a Self-Employed Person's Deductible Contributions
- Special Computation for Self-Employed Persons
- Qualified Roth Contribution Program
- Early Distributions From 401(k) Plans
- Qualified Reservist Early Distributions
- Reminders
- Master or Prototype Plans
- Individually Designed Qualified Plan
- Setting Up a Qualified Plan
- Credit for Small Employer Pension Plan Startup Costs
- Credit for Qualified Retirement Savings Contributions
- Funding Requirements for Defined Benefit Plans and Money-Purchase Plans
- Reporting Requirements for Qualified Plans
- Discrimination Tests
- Top-Heavy Plan Requirements
- Pension Benefits Guarantee Corporation
- Avoiding Inadequate Funding Problems For Defined Benefit Plans
- Bonding Requirement for Qualified Plan
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