Asset Planning, Inc Blog

The latest from the team.

Retirement Contribution Limits for 2014

The Kiplinger Letter published a great summary of the changes to Retirement Contribution Limits and it is below:

 

“Several dollar ceilings on retirement plans are heading up this year:

  • The pay in limitation for defined contribution plans increases to $52,000.  That’s a $1,000 hike for Keogh plans, profit sharing plans, and similar arrangements.
  • Retirement plan contributions can be based on up to $260,000 of salary. 
  • And the benefit limit for pension plans is rising to $210,000 in 2014.
  • The income ceilings on Roth IRA pay ins go up.  Contributions phase out at AGIs of $181,000 to $191,000 for couples and $114,000 to $129,000 for singles. 
  • The deduction phase outs for pay ins to regular IRAs start at higher levels, from AGIs of $96,000 to $116,000 for couples and $60,000 to $70,000 for singles.  If only one spouse is covered by a plan, the phase out zone for deducting a contribution for the uncovered spouse begins at $181,000 of AGI and finishes at $191,000.
  • And the partial credit for retirement plan pay ins phases out at higher levels.  For marrieds…at over $60,000.  Household heads…$45,000.  Singles…$30,000.

Several key items won’t change.  The 401(k) pay in limit remains $17,500.  Folks born before 1965 can put in an extra $5,500.  Ditto for 403(b) and 457 plans.  The ceiling on SIMPLEs stays $12,000…$14,500 for folks age 50 or older this year.  Pay in caps for IRAs and Roths remain $5,500 plus $1,000 for anyone 50 and up this year.”

 

The Kiplinger Letter January 3, 2014

Normal 0 false false false EN-US X-NONE X-NONE

 

Continue reading
  1261 Hits
1261 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
estate planning vision screening TD Ameritrade cell phones people medications Affordable Care Act cell phone service provider tax season notary services jury duty pet donation drive memorial Day weekend Expired medications insurance policy check lists ice cream event illiegal robocallers emergency kit insurance policies gap insurance cell phone carriers cell phone carriers offer operations manager credit score asset Planning fun facts health care services clients breach privacy notices settlement options Social Security Administration increase Shred paperwork 23 andme driver license banking blog post credit freeze text messages 70 1/2. wells Fargo 2017 IRA contributions investment statements team members earthquake app clone counterfeits health care costs CERTIFIED FINANCIAL PLANNER exam pet industry offering insurance credit monitoring service April 18 2017. cell phone SIM swap scam phishing sites Erin Nelsen Medicare Part B media accounts ice cream family members Part D premiums . flash drive news coverage trustee relief efforts official certification summer Orange County Superior Court retirement accounts Joey Gonzales Financial Planning Magazine Brexit vote interest rates web address FSA Medicare question policy birth certificates 900 number non-prescripstion sunglasses paperwork clutter 2017 Equifax breach portal Medicare Advantage Treasury Department life saver spring cleaning Healthcare contribution limit credit card company donation items toilet paper phishing scams Two-Step Verification chip-enabled EMV cards phone October 1 2020. January 10 trust Open House hurricane Dorian money borrowing money home security emergency kits Ice Cream Social partner /owner Puerto Rico drive /usb IRA accounts April 11 checklists D premiums estate pet supplies emergency folder Open Enrollment National Ice Cream month executive order fees April 15 Medicare Victor Dergunov 4 pm -8pm donation counts credit cards Wells Fargo customers Amazon vacation email notifications president Trump rescue organizations June 29 2018 IRA contributions credit card fraud prescription eyeglasses Notary Public EEChecklist-Kits.pdf stockpilingchecklist.pdf Medicare Part B premiums Asset Planning assets Independence Day retirement plans identity theft Medicare plan Facebook profile pet California Lions Friends card reader fun atmosphere cell phone provider items opt-out information Orange County home emergency kit 20 year anniversary account numbers identity thieves Federal Trade Commission website Fox News story client portal Supplemental Security Income estate planning direction documents 2017 TD Ameritrade National LINC Conference 401K Kiplinger Letter car loans Part B bottom line Auto insurance house sitter clients show support scams phone companies disaster areas VOIP landline phones privacy settings https ://seekingalpha company home break-ins holidays approach self-help topics Flexible Spending Account “ skimmer ”. app Roth IRA home information Facebook home emergency preparedness kits tax deadline https :// retirement planning FEMA website July 4 Social Security integral member Retirement Contribution Limits Legal robocalls Kraig Mathias IRS deadline February 14 DNA test kits consumer spending padlock debt Mobile Banking Security Tips pets home mortgages spam phone Charles Schwab Wells Fargo employees retirement parking spots CFP ® ID card