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New Member
posted Jul 27, 2022 10:19:17 AM

Deferred compensation

How much each pay check should I put into my work deferred comp so that I pay the least amount of income taxes as possible?

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1 Replies
Employee Tax Expert
Jul 27, 2022 10:37:48 AM

Hello AB69,

 

I can't tell you how much to put into your defferred comp plan but I can tell you the more you put in the less taxes you will pay.

 

Since you didn't specify what kind of defferred comp plan you have, here is a link to the IRS page showing you the maximum amount you can contribute in 2022 to different types of plans.

 

 https://www.irs.gov/retirement-plans/how-much-salary-can-you-defer-if-youre-eligible-for-more-than-one-retirement-plan#:~:text=The%20amount%20you%20can%20defer,2021%3B%20%2419%2C000%20in%202019).

 

This will give you the maximum amounts for regular contributions and and catch up contributions you are qualified for.

Thanks