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
  1173 Hits
1173 Hits

Search Blogs Module

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