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10.24.2014 Benefit and Contribution Limits for 2015

The Commissioner of Internal Revenue has adjusted the dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration has also increased the Social Security taxable wage base. The following chart shows the 2015 limits and the expiring limits for 2014.

Benefit Limits Under the Internal Revenue Code and Social Security

Description

2014 Limit

2015 Limit

Compensation Cap under 401(a)(17)

$260,000

$265,000

Elective Deferral Limitation under 402(g)(1) for elective deferrals for 401(k) plans, SEPs and 403(b) plans

$17,500

$18,000

Catch Up Contributions for Individuals Age 50 and Older

For SIMPLE IRAs or SIMPLE 401(k) plans

$5,500

$2,500

$6,000

$3,000

Defined Benefit Maximum

$210,000

$210,000

Defined Contribution Maximum

$52,000

$53,000

Highly Compensated Employee Compensation Limit

Key Employee in Top-Heavy Plans Compensation Limit

$115,000

$170,000

$120,000

$170,000

ESOP Threshold for determining maximum account balance subject to 5-year distribution period

Regular Limit
Additional amount to lengthen 5-year period

 

 
$1,050,000
$210,000

 


$1,070,000
$210,000

SEP Compensation Threshold for Participation

$550

$600

SIMPLE IRA Maximum Pre-Tax Contribution

$12,000

$12,500

Deferral Limit for Governments and Tax-Exempts (457(b))

$17,500

$18,000

IRA Maximum Deduction

IRA Age 50 Catch Up

$5,500

$1,000

$5,500

$1,000

Maximum AGI for Roth IRA
Contributions for married taxpayers 


$181,000


$183,000

Social Security Taxable Wage Base

 $117,000

 $118,500

Health Savings Account Maximum Contributions

Family Coverage
Single Coverage
HSA Catch Up (55 and older)

 


$6,550
$3,300
$1,000

 


$6,650
$3,350
$1,000

 

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