 |
Find answers to the most frequently asked questions like:
Q: How much can I contribute to my 401(k) Plan?
A: Each calendar year, tax laws limit pre-tax savings to a maximum dollar amount. The limit for 2012 is $17,000. Legislation allows those who have reached age 50 during the Plan Year to contribute an additional $5,500.
Pension Plan Limitations
Type of Limitation |
IRC Section |
2011 |
2012 |
2013 |
|
Defined Contribution |
415(c)(1)(A) |
$49,000 |
$50,000 |
$51,000 |
|
Maximum Compensation |
401(a)(17) |
$245,000 |
$250,000 |
$255,000 |
|
401(k), 403(b) Deferrals |
402(g)(1) |
$16,500 |
$17,000 |
$17,500 |
|
Catch-Up Contributions |
414(v)(2)(B)(i) |
$5,500 |
$5,500 |
$5,500 |
|
SIMPLE Deferrals |
408(p)(2)(E) |
$11,500 |
$11,500 |
$12,000 |
|
Highly Compensated |
414(q)(1)(B) |
$110,000 |
$115,000 |
$115,000 |
|
Key Employee (Officer) |
416(i)(1)(A)(i) |
$160,000 |
$165,000 |
$165,000 |
|
Social Security Taxable Wage Base |
|
$106,800 |
$110,100 |
$113,700 |
Click here for more FAQs |
|
