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US PAY: 401-K age 50 and over catchup contribution question
We are in EBS 11.5.10.2. We are a United States company. We have set up two (2) deduction elements for the 401-K deduction for employees. One element is for the regular 401-K deduction, which in 2009 has an annual deduction limit of $16,500. The second element is for the age 50 and over 401-K deduction, which allows an additional deduction of $5,500 for the year in 2009. An employee has to be age 50 and over sometime in the year to be eligible to do the age 50 and over deduction, per United States tax law. What happens to us right now is
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