RETIREMENT PLAN BENEFITS AND LIMITS

Published on December 28, 2014.

RETIREMENT PLAN BENEFITS AND LIMITS

Type 2014 2015
Traditional and Roth IRA contribution $               5,500 $               5,500
Traditional and Roth IRA catch-up contribution $               1,000 $               1,000
SIMPLE IRA and SIMPLE 401(k) salary deferral $               12,000 $               12,500
SIMPLE IRA and SIMPLE 401(k) catch-up contribution (50 years old & above) $               2,500 $                3,000
401(k), 403(b), 457(b), and SARSEP salary deferral contribution $               17,500 $               18,000
401(k), 403(b), 457(b), and SARSEP catch-up contribution (50 years old & above) $               5,500 $                 6,000
SEP minimum compensationSEP maximum compensation $                  550$             260,000 $                   600$             265,000
Retirement Savings Contribution Credit
                   Married filing jointly $              60,000 $               61,000
                   Married filing separately and Single $               30,000 $               30,500
                   Head of Household $               45,000 $               45,750
Roth IRA eligibility compensation Married filing jointly 100% $181,000 or less $183,000 or less
Partial $181,000 – $191,000 $183,000 – $193,000
None $191,000 or more $193,000 or more
Married filing Partial Less than $10,000 Less than $10,000
 separately None $10,000 or more $10,000 or more
100% $114,000 or less $116,000 or less
Single/Head of Household Partial $114,000 – $129,000 $116,000 – $131,000
None $129,000 or more $131,000 or more
IRA deductibility compensation Married filing jointly 100% $96,000 or less $98,000 or less
Partial $96,000 – $116,000 $98,000 – $118,000
None $116,000 or more $118,000 or more
Married filing Partial Less than $10,000 Less than $10,000
 separately None $10,000 or more $10,000 or more
100% $60,000 or less $61,000 or less
Single/Head of Household Partial $60,000 – $70,000 $61,000 – $71,000
None $70,000 or more $71,000 or more
Annual addition/contribution limit under a defined contribution plan or SEP IRA $             52,000 $             53,000
Annual benefit under a defined benefit plan $           210,000 $           210,000
Compensation cap $           255,000 $           265,000
Key Employee definition $           170,000 $           170,000
Highly compensated employee definition $           115,000 $           120,000
Social Security (FICA) wage base $           117,000 $           118,500

 

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