Publication 571 |
2001 Tax Year |
When Should I Figure My MAC?
At the beginning of 2002, you should refigure your 2001 MAC based on your actual compensation for 2001. This will allow you to determine if the
amount that has been contributed to your 403(b) account for 2001 has exceeded the allowable limits and, in some cases, avoid penalties and additional
taxes. See chapter 11.
Generally, you should figure your MAC for the current year at the beginning of each tax year using a conservative estimate of your compensation. If
your compensation changes during the year, you should refigure your MAC based on a revised conservative estimate. By doing this, you will be able to
determine if contributions to your 403(b) account should be increased or decreased for the year.
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