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2017 AGE 50 CATCH UP ELECTION FORM FOR DEFINED CONTRIBUTION RETIREMENT PLANS 401(k) AND 403(b) Employee ID: First Name: Last Name: $6,000 splits into 52 Pay Periods $115.39 per week $6,000 splits

How to fill out 2017 age 50 catch-up

How to fill out 2017 age 50 catch-up

1. Step 1: Determine if you are eligible for the 2017 age 50 catch-up provision.
2. Step 2: Understand the contribution limits for the catch-up provision. For the year 2017, individuals age 50 or older can make an additional catch-up contribution of $1,000 above the regular contribution limit for IRAs and employer-sponsored retirement plans.
3. Step 3: Consult with a tax advisor or financial planner to determine the best strategy for utilizing the catch-up provision.
4. Step 4: Complete the necessary paperwork or online forms provided by your retirement plan administrator or financial institution to indicate your intention to make catch-up contributions.
5. Step 5: Ensure that you have sufficient funds available to make the catch-up contributions.
6. Step 6: Make the catch-up contributions before the deadline, which is usually the last day of the calendar year.

Who needs 2017 age 50 catch-up?

1. Individuals who are age 50 or older in the year 2017 may consider utilizing the age 50 catch-up provision.
2. Those who wish to maximize their retirement savings and have the financial means to make additional contributions may benefit from the catch-up provision.
3. People who have not been able to save enough for retirement during their younger years may find the catch-up provision helpful in bridging the savings gap.
4. Individuals who have a higher income and want to take advantage of the additional tax benefits provided by catch-up contributions may also find it beneficial.

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What is age 50 catch-up election?

The age 50 catch-up election allows individuals who are 50 years or older to make additional contributions to their retirement accounts.

Who is required to file age 50 catch-up election?

Individuals who are 50 years or older and want to take advantage of the additional contribution limits for retirement accounts.

How to fill out age 50 catch-up election?

To fill out the age 50 catch-up election, individuals must indicate on their retirement account forms that they are electing to make additional contributions due to their age.

What is the purpose of age 50 catch-up election?

The purpose of age 50 catch-up election is to allow older individuals to boost their retirement savings by making additional contributions.

What information must be reported on age 50 catch-up election?

The age 50 catch-up election form typically requires basic personal information, such as name, date of birth, and the amount of additional contribution being made.