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2020 DOLLAR LIMITATIONS ON BENEFITS AND CONTRIBUTIONS

Posted on: November 7th, 2019

The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases.

 

2020

2019 2018

IRAs

IRA Contribution Limit

$6,000

$6,000

$5,500

IRA Catch-Up Contributions

1,000

1,000 1,000

IRA AGI Deduction Phase-out Starting at

Joint Return

104,000

103,000

101,000

Single or Head of Household

65,000

64,000

63,000

SEP

SEP Minimum Compensation

600

600

600

SEP Maximum Contribution

57,000

56,000

55,000

SEP Maximum Compensation

285,000

280,000

275,000

SIMPLE Plans

SIMPLE Maximum Contributions

13,500

13,000

12,500

Catch-up Contributions

3,000

3,000

3,000

401(k), 403(b), Profit-Sharing Plans, etc.

Annual Compensation

285,000

280,000

275,000

Elective Deferrals

19,500

19,000

18,500

Catch-up Contributions

6,500

6,000

6,000

Defined Contribution Limits

57,000

56,000

55,000

ESOP Limits

1,150,000

230,000

1,130,000

225,000

1,105,000

220,000

Other

HCE Threshold

130,000

125,000

120,000

Defined Benefit Limits

230,000

225,000

220,000

Key Employee

185,000

180,000

175,000

457 Elective Deferrals

19,500

19,000

18,500

Control Employee (board member or officer)

115,000

110,000

105,000

Control Employee (compensation-based)

230,000

225,000

220,000

Taxable Wage Base

137,700

132,900

128,400

Posted in Maximum dollar limitations on Benefits & Contributions | Comments Off on 2020 DOLLAR LIMITATIONS ON BENEFITS AND CONTRIBUTIONS

2019 DOLLAR LIMITATIONS ON BENEFITS AND CONTRIBUTIONS

Posted on: November 2nd, 2018

The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases.

  • Limits by plan type (IRA, 401(k), SEP, SIMPLE IRA, 403(b), 457(b), defined benefit)
  • 2019 cost-of-living adjustments for pension plans and retirement-related items (IR-2018-211)
  • COLA Table for prior years’ dollar limitations and Internal Revenue Code referen
 

2019

2018

2017

IRAs

IRA Contribution Limit

$6,000

$5,500

$5,500

IRA Catch-Up Contributions

1,000

1,000

1,000

IRA AGI Deduction Phase-out Starting at

Joint Return

103,000

101,000

99,000

Single or Head of Household

64,000

63,000

62,000

SEP

SEP Minimum Compensation

600

600

600

SEP Maximum Contribution

56,000

55,000

54,000

SEP Maximum Compensation

280,000

275,000

270,000

SIMPLE Plans

SIMPLE Maximum Contributions

13,000

12,500 12,500
Catch-up Contributions

3,000

3,000

3,000

401(k), 403(b), Profit-Sharing Plans, etc.

Annual Compensation

280,000

275,000

270,000

Elective Deferrals

19,000

18,500

18,000

Catch-up Contributions

6,000

6,000

6,000

Defined Contribution Limits

56,000

55,000 54,000
ESOP Limits

1,130,000

225,000

1,105,000

220,000

1,080,000

215,000

Other

HCE Threshold

125,000

120,000

120,000

Defined Benefit Limits

225,000

220,000

215,000

Key Employee

180,000

175,000

175,000

457 Elective Deferrals

19,000

18,500

18,000

Control Employee (board member or officer)

110,000

110,000

105,000

Control Employee (compensation-based)

225,000

220,000

215,000

Taxable Wage Base

132,900

128,400

127,200

 

Posted in Maximum dollar limitations on Benefits & Contributions | Comments Off on 2019 DOLLAR LIMITATIONS ON BENEFITS AND CONTRIBUTIONS

2018 Dollar Limitations on Benefits and Contributions

Posted on: October 20th, 2017

The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases.

  • Limits by plan type (IRA, 401(k), SEP, SIMPLE IRA, 403(b), 457(b), defined benefit)
  • 2018 cost-of-living adjustments for pension plans and retirement-related items (IR-2017-177)
  • COLA Table for prior years’ dollar limitations and Internal Revenue Code references.

 

 

2018

2017

2016

IRAs
IRA Contribution Limit

$5,500

$5,500

$5,500

IRA Catch-Up Contributions

1,000

1,000

1,000

IRA AGI Deduction Phase-out Starting at
Joint Return

101,000

99,000

98,000

Single or Head of Household

63,000

62,000

61,000

SEP
SEP Minimum Compensation

600

600

600

SEP Maximum Contribution

55,000

54,000

53,000

SEP Maximum Compensation

275,000

270,000

265,000

SIMPLE Plans
SIMPLE Maximum Contributions

12,500

12,500

12,500

Catch-up Contributions

3,000

3,000

3,000

401(k), 403(b), Profit-Sharing Plans, etc.
Annual Compensation

275,000

270,000

265,000

Elective Deferrals

18,500

18,000

18,000

Catch-up Contributions

6,000

6,000

6,000

Defined Contribution Limits

55,000

54,000

53,000

ESOP Limits

1,105,000

220,000

1,080,000

215,000

1,070,000

210,000

Other
HCE Threshold

120,000

120,000

120,000

Defined Benefit Limits

220,000

215,000

210,000

Key Employee

175,000

175,000

170,000

457 Elective Deferrals

18,500

18,000

18,000

Control Employee (board member or officer)

110,000

105,000

105,000

Control Employee (compensation-based)

220,000

215,000

215,000

Taxable Wage Base

128,700

127,200

118,500

 

Posted in Maximum dollar limitations on Benefits & Contributions | Comments Off on 2018 Dollar Limitations on Benefits and Contributions

2017 Dollar Limitations on Benefits and Contributions

Posted on: May 11th, 2017
2017 2016 2015

IRAs

IRA Contribution Limit $5,500 $5,500 $5,500
IRA Catch-Up Contributions 1,000 1,000 1,000

IRA AGI Deduction Phase-out Starting at

Joint Return 99,000 98,000 98,000
Single or Head of Household 62,000 61,000 61,000

SEP

SEP Minimum Compensation 600 600 600
SEP Maximum Contribution 54,000 53,000 53,000
SEP Maximum Compensation 270,000 265,000 265,000

SIMPLE Plans

SIMPLE Maximum Contributions 12,500 12,500 12,500
Catch-up Contributions 3,000 3,000 3,000

401(k), 403(b), Profit-Sharing Plans, etc.

Annual Compensation 270,000 265,000 265,000
Elective Deferrals 18,000 18,000 18,000
Catch-up Contributions 6,000 6,000 6,000
Defined Contribution Limits 54,000 53,000 53,000
ESOP Limits

1,080,000

215,000

1,070,000

210,000

1,070,000

210,000

Other

HCE Threshold 120,000 120,000 120,000
Defined Benefit Limits 215,000 210,000 210,000
Key Employee 175,000 170,000 170,000
457 Elective Deferrals 18,000 18,000 18,000
Control Employee (board member or officer) 105,000 105,000 105,000
Control Employee (compensation-based) 215,000 215,000 215,000
Taxable Wage Base 127,200 118,500 118,500

 

Posted in Maximum dollar limitations on Benefits & Contributions | Comments Off on 2017 Dollar Limitations on Benefits and Contributions

ROLLOVER CHART

Posted on: July 12th, 2014

Download this PDF
Rollover Chart

Posted in Rollover Chart | Comments Off on ROLLOVER CHART

COLA Increases for Dollar Limitations on Benefits and Contributions

Posted on: July 12th, 2014

The Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. The IRS announced on October 31, 2013 cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2014. Read More

Posted in News & Events | Comments Off on COLA Increases for Dollar Limitations on Benefits and Contributions

New Penalty Relief Program for Form 5500-EZ Late Filers

Posted on: July 12th, 2014

A new pilot program gives sponsors and administrators of retirement plans not covered by Title I of ERISA automatic relief from IRS late filing penalties on the following delinquent returns:

  1. Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan, or
  2. Form 5500, Annual Return/Report of Employee Benefit Plan, if you must file this return because your non-ERISA plan doesn’t meet the filing requirements for Form 5500-EZ for plan years before 2009.

The pilot program will be open from June 2, 2014 to June 2, 2015 (Revenue Procedure 2014-32). No fee or other payment is required under the pilot program. Read More

Posted in IRS Rulings | Comments Off on New Penalty Relief Program for Form 5500-EZ Late Filers

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