ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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INCLUDIBLE COMPENSATION Definition
- INCLUDIBLE COMPENSATION
INCLUDIBLE COMPENSATION is defined in section 403(b)(3) of the Internal Revenue Service (IRS) Code as compensation, received from a qualifying employer by an employee, which is includible in the employees gross income for the most recent period which may be counted as 1 year of service. In this connection, section 1.403(b)-1(e)(1) of the regulations provides that for purposes of computing an employees exclusion allowance for a taxable year, such employees includible compensation in respect of such taxable year means the amount of compensation which is includible in his gross income.
