IS IT DEDUCTIBLE? Each wage earner is limited to an annual contribution of $2,000 or 100% of earnings, whichever is less. However, a federal law now states that to avoid all penalties, the corporate plan proceeds must be paid from the former employer’s plan directly into another instrument. To protect themselves from adverse tax consequences, they must have the funds immediately reinvested in another tax-favored plan. Wage earners who do participate in a qualified retirement plan at their place of employment are also eligible to take a tax deduction for the amount contributed provided they meet Internal Revenue Service guidelines, as briefly outlined in the next paragraph.
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