Tax Advisor - Maximum Contribution Limits for 2009-2010
Limits will not change next year. Figures below are good for both the 2009 and 2010 tax years:
| Annual limit on compensation for 401(k) and 403(b) | $245,000 | |
| Defined contribution limitation for 401(k) and 403(b) | $49,000 | |
| IRC 415(b)(1)(A) defined benefit limitation | $195,000 | |
| Annual deferral limit for 401(k), 403(b) and 457 | $16,500 | |
| Catch-up contribution limit for 401(k, 403(b) and 457 | $5,500 | |
| IRA contribution limit | $5,000 | |
| IRA catch-up contribution limit | $1,000 | |
| Threshold for highly compensated employees | $110,000 | |
| Key employees - Threshold for officers | $160,000 | |
| Social security taxable wage base | $106,800 |
Contact:
Cindy Mitchell, CPA
Senior Tax Manager
Direct: 330.255.2454
Email
Additional information:
Tax Advisor - New Standard Mileage Rates in 2010
Tax Advisor - Take Advantage of 2009 Tax Incentives Before It's Too Late