This year Nicholas, $48,$ has been employed by both NGL Company and Rice Services, which are unrelated companies. He initially worked for the NGL Company then left for a job with Rice Services. Both companies sponsor Section $401($k$)$ plans. Nicholas earned $$30,000$ at NGL and $$40,000$ at Rice Services. He qualified to participate in both plans. Nicholas's spouse, Kelly, $50,$ earns $$75,000$ and wants to invest for retirement in an IRA. She participates in a Section $457$ plan and defers $$14,000$ per year. What is the maximum total of elective deferrals that Nicholas can make to his companies' retirement plans, and what amount can Kelly contribute to her IRA and deduct for income tax purposes for $2024?$

Group $of$ answer choicesWhich of the following issues define an executive having a substantial risk of forfeiture in a deferred compensation plan?

Group of answer choices

the property must be wholly owned by the employer and subject to the employer$$s general creditors.

the occurrence of a condition related to organization goals and the future performance of substantial services.

the executive cannot have actually received the deferred compensation even though possessing unrestricted access to it$.$

the employer irrevocably places funds for the benefit of the employee beyond the reach of all the employer$$s creditors, but the executive does not have actual receipt.

can $be$ discriminatory.

$is$ subject $to$ ERISA nondiscrimination rules.

provides coverage for rank$-$and$-$file employees.

represents a $secure$ promise $by$ the employer.This year Nicholas, $48,$ has been employed by both NGL Company and Rice Services, which are unrelated companies. He initially worked for the NGL Company then left for a job with Rice Services. Both companies sponsor Section $401($k$)$ plans. Nicholas earned $$30,000$ at NGL and $$40,000$ at Rice Services. He qualified to participate in both plans. Nicholas's spouse, Kelly, $50,$ earns $$75,000$ and wants to invest for retirement in an IRA. She participates in a Section $457$ plan and defers $$14,000$ per year. What is the maximum total of elective deferrals that Nicholas can make to his companies' retirement plans, and what amount can Kelly contribute to her IRA and deduct for income tax purposes for $2024?$This year Nicholas, $48,$ has been employed by both NGL Company and Rice Services, which are unrelated companies. He initially worked for the NGL Company then left for a job with Rice Services. Both companies sponsor Section $401($k$)$ plans. Nicholas earned $$30,000$ at NGL and $$40,000$ at Rice Services. He qualified to participate in both plans. Nicholas's spouse, Kelly, $50,$ earns $$75,000$ and wants to invest for retirement in an IRA. She participates in a Section $457$ plan and defers $$14,000$ per year. What is the maximum total of elective deferrals that Nicholas can make to his companies' retirement plans, and what amount can Kelly contribute to her IRA and deduct for income tax purposes for $2024?$