Don't Forget to Deduct Your Interest!

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Usually you may put in as much as 15 % of your annual salary. For 2006, the IRS limits the overall annual contributions (each your contributions and the amount your employer matches) to 100 percent of your salary or $44,000, whichever is less. In some circumstances, your employer could also be transferring your contribution as a share of your wage. For example, your employer could have a three-year vesting schedule that increases your ownership of the money by one-third every year. A small draw back to the employer contribution is that there may be a vesting schedule. Vesting means that there's normally a tiered schedule for when cash the employer contributes to your account is actually yours. If your employer is putting a flat amount into your account, nonetheless, you may need to be sure to tell your employer to increase it and by what amount. If it does come to you somewhat than the brand new account, you'll be charged the tax and the 10-percent superb.

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