Federal Income Tax Procedures
Section 127-Educational Assistance Plan
Tax Sheltered Annuity Plans (403(b) Plans) http://www.irs.gov/pub/irs-pdf/p571.pdf
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: 403(b) Salary Reduction Agreement
To create an account at TIAA-CREF: http://www1.tiaa-cref.org/tcm/nmt
Deferred Compensation Plan (457 plan)
The deferred compensation plan is owned by the Sate 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
Awards, Gifts, & Prizes Procedures - The form is being updated to correctly handle withholding tax for students. Contact The Federal Tax Compliance Mgr (x5984) for prizes awarded in Jan 2014.
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