• Try Forefield Advisor

  • Calendar

    October 2012
    S M T W T F S
    « Jul   Nov »
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
  • Categories

  • Archives

  • www.forefield.com

IRS releases retirement plan limits for 2013

From IR-2012-77

The IRA contribution limit increases to $5,500 in 2013, up from $5,000 in 2012. The catch-up limit remains unchanged at $1,000.

The 401(k)/403(b)/457(b) contribution limit increases to $17,500 in 2013, up from $17,000 in 2012. The catch-up contribution limit for employees aged 50 and over remains unchanged at $5,500.

The SIMPLE plan contribution limit increases to $12,000 in 2013, up from $11,500 in 2012. The catchup contribution limit for SIMPLE plans remains unchanged at $2,500.

The traditional IRA deduction phase out range for singles and heads of household is $59,000 to $69,000 in 2013, up from $58,000 to $68,000 in 2012. For married couples filing jointly, the phase-out range is $95,000 to $115,000 in 2013, up from $92,000 to $112,000 in 2012. For an IRA contributor who is not covered by a workplace retirement plan but is married to someone who is covered, the phase range out is $178,000 to $188,000 in 2013, up from $173,000 to $183,000 in 2012.

For Roth IRAs, the AGI phase-out range for married couples filing jointly is $178,000 to $188,000 in 2013, up from $173,000 to $183,000 in 2012. For singles and heads of household, the phaseout range is $112,000 to $127,000 in 2013, up from $110,000 to $125,000 in 2012. For a married individual filing a separate return the phase-out range remains $0 to $10,000.

The defined benefit plan section 415 annual benefit limit increases to $205,000 in 2013, up from $200,000 in 2012.

The defined contribution plan section 415 annual contribution limit increases to $51,000 in 2013, up from $50,000 in 2012.

The annual compensation limit increases to $255,000 in 2013, up from $250,000 in 2012.

The dollar limit for determining a key employee in a top-heavy plan remains unchanged at $165,000.

The dollar limit for determining highly compensated employees remains unchanged at $115,000.

The SEP minimum compensation limit remains unchanged at $550.

The AGI limit for the saver’s credit in 2013 is $59,000 for married couples filing jointly, up from $57,500 in 2012; $44,250 for heads of household, up from $43,125; and $29,500 for married individuals filing separately and for singles, up from $28,750.

One Response

  1. Hello blogger, i must say you have high quality articles here.
    Your website can go viral. You need initial traffic only.

    How to get it? Search for: Mertiso’s tips go
    viral

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: