Retirement Plan Limits

The elective deferral (the contribution you make) for employees who participate in 401(k), 403(b), most 457 plans, and the government’s Thrift Savings plan is increased to $17,500 for 2013 from $17,000 for 2012.  If you are age 50 or older, you can contribute up to $23,000.

The contribution limits for SIMPLE plans increase from $11,500 to $12,000. If you are over 50 the contribution limit is $14,500.

The maximum compensation used to determine contributions increases to $255,000.

The limits for an IRA for 2013 are $5,500 and $6,500 if you are over 50.  this is up $500 from 2012.  IRA phaseouts begin if your adjusted gross income is over $59,000 for singles and $95,000 for married filing jointly.


This entry was posted in Income Taxes. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *