Retirement Key Financial Data


2014 Retirement Plan Contribution Limits

Description
Limit
Annual compensation used to determine contribution for most plans$260,000
Defined-Contribution plans, basic limit$52,000
Defined-Benefit plans, basic limit$210,000
401(k) plans, 403(b) plans, 457(b) plans, elective deferrals$17,500
-Catch-up provision for individuals 50 and over, 401(k), 403(b), and 457(b) plans$5,500
SIMPLE plans, elective deferral limit
$12,000
-SIMPLE plans, catch-up contribution for individuals 50 and over
$2,500
Roth 401(k) (if plan permits)
$17,500
-Roth 401(k) catch-up contribution for individuals 50 and over
$5,500

Individual Retirement Accounts (IRA)

Type
Contribution
Catchup (over 50)
Traditional - nondeductible
$5500$1000
Traditional - deductible$5500$1000
ROTH$5500$1000
ROTH conversion (Convert anytime - no income limit)

MAGI Limits for IRA Deductibility in 2014 If Covered by a Qualified Plan

Filing status
Full deduction
Partial deduction
No deduction
Single, head of household
Less than $60,000
$60,000-$70,000
More than $70,000
Married filing jointly
Less than $96,000
$96,000-$116,000
More than $116,000
Married filing jointly—deduction for spouse not covered by qualified plan
Less than $181,000
$181,000-$191,000
More than $191,000

MAGI Limits for Roth IRA Contributions in 2014

Filing status
Full contribution
Partial contribution
No contribution
Single, head of household
Less than $114,000
$114,000-$129,000
More than $129,000
Married filing jointly
Less than $181,000
$181,000-$191,000
More than $191,000

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