Federal Income Tax Procedures
Section 127-Educational Assistance Plan
Tax Sheltered Annuity Plans (403(b) Plans)
The amount you can contribute pre-tax to the 403b plan each year is determined by the IRS.
- For 2014, the maximum amount is $17,500 if you are less than 50 years old.
- For 2014, the maximum amount is $23,000 if you are 50 yrs of age or older.
Complete this form to initiate or modify your contributions to the 403b plan, and mail or email it to the Federal Tax Compliance Manager: 403(b) Salary Reduction Agreement
New plan participants must also create an account at TIAA-CREF: http://www1.tiaa-cref.org/tcm/nmt
Deferred Compensation Plan (457 plan)
The deferred compensation plan is managed by the State of New Mexico and administered by Nationwide Retirement Solutions.
An individual makes pre-tax contributions to the plan.
To create an account at the State of New Mexico 457 plan: http://www.pera.state.nm.us/deferredcomp.html
Prizes and Awards Policies and Procedures doc This document describes the policy on giving awards, gifts, and running contests with prizes. It also outlines the reporting process. Since prizes, gifts, and awards are covered by IRS regulations, there is a procedure to track the event and determine whether the recipient has an income tax liability. Certain events are treated as employee fringe benefits, and result in compensation for the recipient. Students are not handled under the employee fringe benefit regulations, even if they has campus employment, when the event is related to their student role at Tech - not their campus job.
Prize and Award Tracking Spreadsheet This spreadsheet is the tracking mechanism. Instructions are included in the spreadsheet. Complete it according to the instructions and email it to the Federal Tax Compliance manager no later than 3 days after the event.
This document cites the IRS code for employee fringe benefits, service awards, safety awards, and student scholarships : Summary of IRS codes that apply to prizes, awards, and gifts
Contact The Federal Tax Compliance Mgr (x5984) with questions on how to report the awards or prizes given to employees or students.
Contact email@example.com with questions in regards to this web page