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
  1145 Hits
1145 Hits

Search Blogs Module

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