2014 Qualified Plan Limits

IRS Tax Code Limits

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Maximum elective deferral to retirement plans (401k, 403b, 457)   $ 17,500

401(k) age 50+ catch-up contribution                                                        5,500

Maximum IRA contribution limit                                                                  5,500

IRA age 50+ catch-up contribution                                                              1,000

Maximum elective deferral to SIMPLE IRA plan                                      12,000

Simple IRA age 50+ catch-up contribution limit                                        2,500

SEP IRA minimum compensation amount                                                     550

SEP IRA Annual compensation limit                                                        260,000

Defined contribution plan annual additional limit                                   52,000

Highly compensated employee compensation limit                              115,000

Annual retirement benefit (ESOP) limit under defined benefit plan

(not to exceed 100% of compensation)                                                  210,000

Elective deferrals (applies to 401(k) plans)                                             17,500

Tax-sheltered annuity deferrals 403(b) plans                                         17,500

Definition of key employee in a top-heavy plan                                     170,000

Deferral compensation plans of state and local

government and tax-exempt organizations                                             17,500

Social Security Taxable Wage Base                                                          117,000

IRA’s

Phase-out Range for Deductible Contributions to Traditional IRA

Married Filing Jointly

Both spouses participating in qualified plan                   $ 96,000 – $116,000

One spouse participating in qualified plan                     $181,000 – $191,000

Single & Head of Household cover by a plan                 $ 60,000 – $ 70,000

Married and Filing Separately*                                        $ 0 – $ 10,000

Phase-out Range for Eligible Contributions to Roth IRA

Married Filing Jointly                                                        $181,000 – $191,000

Single & Head of Household cover by a plan                 $114,000 – $129,000

Married and Filing Separately*                                       $0 – $10,000

(*) And did NOT live with spouse during the year!

Data Source:  www.irs.gov

Blog:  Alfred L. Angelici      http://www.walnuthilladvisorsllc.com

Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.

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