The 15 Years of Service Limit

Q. My client will not have a full 15 years of service until the end of the current year; however, wants to utilize the 15 years of service increased limit. Must he wait until the following year to do so?

A. No, he can, if otherwise eligible to use the increased limit (up to $3,000 annually), use it in the current year; that is, the year in which he reaches 15 years of service.