IRS Announces 2013 Plan Contribution and Benefit Limits

On October 18, 2012, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2013. See the chart below for further details.


20132012
RETIREMENT PLANS
Annual Compensation Limits - 401(a)(17)/404(l)255,000250,000
Elective Deferrals 401(k)/403(b) - 402(g)(1)17,50017,000
Catch-up Contributions - 414(v)(2)(B)(i) 5,5005,500
457 Elective Deferrals - 457(e)(15)17,50017,000
Defined Contribution Limits - 415(c)(1)(A)51,00050,000
Annual Compensation Limit for eligible participants in certain governmental plans in effect as of July 1, 1993 - 401(a)(17)380,000375,000
OTHER
Highly Compensated Employee Threshold - 414(q)(1)(B) Key115,000115,000
Defined Benefit Limits - 415(b)(1)(A)205,000200,000
Key Employee - 416(i)(1)(A)(i)165,000165,000
Social Security Taxable Wage Base113,700110,100
IRAS
IRA Contribution Limit - 219(b)(5)(A)5,5005,000
IRA Catch-Up Contributions - 219(b)(5)(B)1,0001,000
ROTH IRAS
Adjusted Gross Income (AGI) for determining maximum Roth IRA contribution – married filing jointly or qualifying widow(er)178,000173,000
AGI for determining maximum Roth IRA contribution – Other filing status112,000110,000
SEP
SEP Minimum Compensation - 408(k)(2)(C)550550
SEP Maximum Compensation - 408(k)(3)(C)255,000250,000
SIMPLE PLANS
SIMPLE Maximum Contributions - 408(p)(2)(E)12,00011,500
SIMPLE Catch-up Contributions - 414(v)(2)(B)(ii)2,5002,500

All figures in dollars.

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