| Upcoming Deadlines |
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This table shows amounts for common retirement plan limits.
| 2008 Amount | 2007 Amount | 2006 Amount | |
| Compensation Limit | |||
| (for contributions to qualified plans) | $230,000.00 | $225,000.00 | $220,000.00 |
| Defined Benefit Plan | |||
| Annual Benefit limit | $185,000.00 | $180,000.00 | $175,000.00 |
| Defined Contribution | |||
| (SEP, Profit Sharing) Annual Contribution limit | $46,000.00 | $45,000.00 | $44,000.00 |
| 401(k), 403(b) & SARSEP | |||
| Annual Defferal Limit | $15,500.00 | $15,500.00 | $15,000.00 |
| Catch Up (age 50 or older) | $500.00 | $500.00 | $500.00 |
| Simple IRA Plan | |||
| Annual Deferral Limit | $10,500.00 | $10,500.00 | $10,000.00 |
| Catch Up (age 50 or older) | $2,500.00 | $2,500.00 | $2,500.00 |
| 457 Plan | |||
| Annual Deferral Limit | $15,500.00 | $15,500.00 | $15,000.00 |
| Catch Up (age 50 or older) | $5,000.00 | $5,000.00 | $5,000.00 |
| SEP Compensation Threshold | $500.00 | $500.00 | $450.00 |
| IRA | |||
| Annual Contribution Limit | $5,000.00 | $4,000.00 | $4,000.00 |
| Catch Up (age 50 or older) | $1,000.00 | $1,000.00 | $1,000.00 |
| IRA Deduction Phaseout at AGI of: | |||
| Joint Return & Qualifying Widow(er) | |||
| Deduction for Active Participant | $85,000/105,000 | $83,000/103,000 | $75,000/85,000 |
| Deduction for Non-Active Participant Spouse | $159,000/169,000 | $156,000/166,000 | $150,000/160,000 |
| Single, Head of Household | $53,000/63,000 | $52,000/62,000 | $50,000/60,000 |
| Married Filing Separate | $0/10,000 | $0/10,000 | $0/10,000 |
| Roth IRA Contribution Phaseout at AGI of: | |||
| Joint return, Qualifying Widow(er) (QW) | $159,000/169,000 | $156,000/166,000 | $150,000/160,000 |
| Single, Head of Household (HOH) | $101,000/116,000 | $99,000/114,000 | $95,000/110,000 |
| Married Filing Separate | $0/10,000 | $0/10,000 | $0/10,000 |
| Roth IRA Conversion-AGI Limit | |||
| Joint return, Single, HOH, QW | $100,000.00 | $100,000.00 | $100,000.00 |
| Married Filing Separate | Not allowed | Not allowed | Not allowed |
| Tax Planning |
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Retirement accounts are a powerful tax planning tool. There are many different types of retirement accounts that allow you to set money aside tax deferred for retirement. Please see our retirement options page for more detailed information on the different types of retirement accounts available and the different rules that apply to them, and the maximum contribution limit for each plan type. If you would like more information on retirement planning, or a referral to a financial planner, please call our office. |
Updated April 27, 2009