Henry, who is 48 years old, works for GN-BA!, Inc., with a s…
Henry, who is 48 years old, works for GN-BA!, Inc., with a salary of $330,000, a car allowance, and a very nice expense account. GN-BA! is a Fortune 750 company that sponsors a defined benefit plan that pays two percent times years of participation times the average of the three final years of compensation. In addition, GN-BA! sponsors a 401(k) / profit-sharing plan and contributes 18% of employees salary to the profit-sharing plan. There is no additional match. If the ADP of the NHCEs is 3%, what is the maximum that Henry can defer this year (2024)?
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