iThe Internal Revenue Code limits benefits and contributions which may be provided under tax-qualified retirement plans. The following chart sets forth the limits that apply for 2014, 2013 and 2012.
|
|
2014 |
2013 |
2012 |
|
IRAs |
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|
IRA Contribution Limit |
5,500 |
5,500 |
5,000 |
|
IRA Catch-Up Contributions |
1,000 |
1,000 |
1,000 |
|
IRA AGI Deducation Phase-out Starting at |
|||
|
Joint Return |
96,000 |
95,000 |
92,000 |
|
Single or Head of Household |
60,000 |
59,000 |
58,000 |
|
SEP |
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|
SEP Minimum Compensation |
550 |
550 |
550 |
|
SEP Maximum Contribution |
52,000 |
51,000 |
50,000 |
|
SEP Maximum Compensation |
260,000 |
255,000 |
250,000 |
|
SIMPLE Plans |
|||
|
SIMPLE Maximum Contributions |
12,000 |
12,000 |
11,500 |
|
Catch-up Contributions |
2,500 |
2,500 |
2,500 |
|
401(k), 403(b), Profit-Sharing Plans, etc. |
|||
|
Annual Compensation |
260,000 |
255,000 |
250,000 |
|
Elective Deferrals |
17,500 |
17,500 |
17,000 |
|
Catch-up Contributions |
5,500 |
5,500 |
5,500 |
|
Defined Contribution Limits |
52,000 |
51,000 |
50,000 |
|
ESOP |
1,050,000 210,000 |
1,035,000 205,000 |
1,015,000 200,000 |
|
Other |
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|
HCE Threshold |
115,000 |
115,000 |
115,000 |
|
Defined Benefit Limits |
210,000 |
205,000 |
200,000 |
|
Key Employee |
170,000 |
165,000 |
165,000 |
|
457 Elective Deferrals |
17,500 |
17,500 |
17,000 |
|
Control Employee (board member or officer) |
105,000 |
100,000 |
100,000 |
|
Control Employee (compensation-based) |
210,000 |
205,000 |
205,000 |
|
Taxable Wage Base |
117,000 |
113,700 |
110,100 |
Source: Internal Revenue Service; Page Last Updated on November 8, 2013.
