If I am currently in the process of allocating Tax Relief to cover the Pension and/or 401(k) contributions, do I need to make contributions until the Tax Relief has been allocated?
Yes. A producer in the process of allocating tax relief must continue to make contributions until such time as sufficient funds have accumulated to cover the contribution on salary. Cash payments are due for these contributions on a weekly basis because until you preview/open in a Tax Relief Theatre, the Equity-League Pension Fund will not be receiving any contributions other than the cash payments.
Related Questions
- Pension contributions (personal or EPP) - is the maximum tax free pension limit calculated as a percentage of deemed emoluments or actual salary?
- Do employers get tax relief on contributions they pay to a personal pension/stakeholder plan on behalf of their employees?
- If a persons earnings are below the tax threshold, can they claim relief on their personal pension contributions?
