IRS Announces Retirement Plan Limitations for 2015
The Internal Revenue Service and Social Security Administration announced cost of living adjustments applicable to dollar limitations for qualified retirement plans, and other limits for tax year 2015. The important limits are provided below:
Limits:
| 401(k), 403(b) & 457(b) deferrals | $18,000 |
| Catch-up 401(k), 403(b) & 457(b) | $6,000 |
| 415(c) Limit | $53,000 |
| Annual Compensation Limit | $265,000 |
| HCE Compensation Limit | $120,000 |
| Maximum Pension at age 62 | $210,000 |
| SIMPLE Deferrals | $12,500 |
| SIMPLE Catch-up | $3,000 |
| SEP Minimum Compensation | $600 |
| Key Employee Limit, Officer Test | $170,000 |
| IRAs for individuals age 49 & below | $5,500 |
| IRAs for individuals age 50 & above | $6,500 |
| Soc. Sec.Taxable Wage Base | $118,500 |
2015 limits reflect issuance of IRS News Release IR-2014-99 (October 23, 2014) and Social Security Administration News Release (October 22, 2014).
The IRS news release can be viewed at:http://www.irs.gov/uac/Newsroom/IRS-Announces-2015-Pension-Plan-Limitations;-Taxpayers-May-Contribute-up-to-$18,000-to-their-401(k)-plans-in-2015
The Social Security Administration news release can be viewed at: http://www.ssa.gov/news/#!/print/10-2014-2
