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Post details: Covered Compensation Tables for 2008 Plan Year Furnished by IRS (Rev. Rul. 2007-71)
11/21/07
Covered Compensation Tables for 2008 Plan Year Furnished by IRS (Rev. Rul. 2007-71)
CCH (cch.taxgroup.com) reports:
The IRS has provided tables of covered compensation under Code Sec. 401(l)(5)(E) for the 2008 plan year. Covered compensation with respect to an employee is defined as the average of the contribution and benefit bases in effect under section 230 of the Social Security Act for each year in the 35-year period ending with the year in which the employee attains social security retirement age.
The tables are developed by rounding the actual amounts of covered compensation for different years of birth. For purposes of determining covered compensation for the 2008 plan year, the taxable wage base is $102,000.
Rev. Rul. 2007-71, 2007FED ¶46,722
Other References:
Code Sec. 401
CCH Reference - 2007FED ¶18,119.10
Tax Research Consultant
CCH Reference - TRC RETIRE: 24,208
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