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October 22, 2011

IRS Announces 2012 Retirement Plan Contribution and Compensation Limitations

IRS Announces 2012 Retirement Plan Contribution and Compensation Limitations
IRS Announces 2012 Retirement Plan Contribution and Compensation Limitations
In IR-2011-103, the Internal Revenue Service (IRS) announced that for 2012 the compensation limitation will increase from $245,000 to $250,000 under §401(a)(17), §404(l), §408(k)(3)(C), and §408(k)(6)(D)(ii) of the Internal Revenue Code of 1986 (IRC).

2012 Contribution Limit Also Increases

The contribution limit under IRC §415(c)(1)(A) for defined contribution plans will increase from $49,000 to $50,000. This limit does not include the age 50 and over catch-up contribution of $5,500 when applicable; therefore the total limitation for eligible taxpayers age 50 or over in qualifying plans will be $55,500.

Contact Vision Payroll for More Information on 2012 Retirement Plan Changes

Contact Vision Payroll if you have questions on changes to the 2012 Retirement Plan Contribution and Compensation Limitations or get further information at Important Facts and Figures.

October 30, 2010

IRS Announces 2011 Retirement Plan Contribution and Compensation Limitations

IRS Announces 2011 Retirement Plan Contribution and Compensation Limitations
IRS Announces 2011 Retirement Plan Contribution and Compensation Limitations
In IR-2010-108, the Internal Revenue Service (IRS) announced that for 2011 the compensation limitation will remain at $245,000 under §401(a)(17), §404(l), §408(k)(3)(C), and §408(k)(6)(D)(ii) of the Internal Revenue Code of 1986 (IRC).

2011 Contribution Limit Also Remains Unchanged

The contribution limit under IRC §415(c)(1)(A) for defined contribution plans will remain at $49,000. This limit does not include the age 50 and over catch-up contribution of $5,500 when applicable; therefore the total limitation for eligible taxpayers age 50 or over in qualifying plans will be $54,500.

Contact Vision Payroll for More Information on 2011 Retirement Plan Changes

Contact Vision Payroll if you have questions on changes to the 2011 Retirement Plan Contribution and Compensation Limitations or get further information at Important Facts and Figures.

October 20, 2009

IRS Announces 2010 Retirement Plan Contribution and Compensation Limitations

In IR-2009-094, the Internal Revenue Service (IRS) announced that for 2010 the compensation limitation will remain at $245,000 under §401(a)(17), §404(l), §408(k)(3)(C), and §408(k)(6)(D)(ii) of the Internal Revenue Code of 1986 (IRC). The contribution limit under IRC §415(c)(1)(A) for defined contribution plans also remained at $49,000. This limit does not include the age 50 and over catch-up contribution of $5,500 when applicable; therefore the total limitation for eligible taxpayers age 50 or over in qualifying plans is $54,500. Contact Vision Payroll if you have questions on changes to the 2010 Retirement Plan Contribution and Compensation Limitations or get further information at Important Facts and Figures.

October 21, 2008

IRS Announces Increase in 2009 Retirement Plan Contribution and Compensation Limitations

In IR-2008-118, the Internal Revenue Service (IRS) announced an increase for 2009 in the compensation limitation from $230,000 to $245,000 under §401(a)(17), §404(l), §408(k)(3)(C), and §408(k)(6)(D)(ii) of the Internal Revenue Code of 1986 (IRC). The contribution limit under IRC §415(c)(1)(A) for defined contribution plans also increased from $46,000 to $49,000. This limit does not include the age 50 and over catch-up contribution when applicable, thereby increasing the total limitation for eligible taxpayers in qualifying plans from $51,000 to $54,500. Contact Vision Payroll if you have questions on changes to the 2009 Retirement Plan Contribution and Compensation Limitations.

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