Retirement Plan Contributions

By January 19, 2012 February 3rd, 2014 2012, Tax Tips

There has been an increase in some retirement plan contributions for 2012. See the chart below for a comparison of 2011 and 2012 amounts:

2012 2011
401(k), 403(b), SARSEP, 457 $17,000 $16,500
SIMPLE Plans $11,500 $11,500
IRA $5,000 $5,000
Defined Contrilbution Wage Limit $50,000 $49,000

The over 50 catch up amounts remain $5,500 for 401(k). $2,500 for SIMPLE and $1,000 for IRA’s.

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Accounting & Tax Solutions

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