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Carol V. Calhoun, Shareholder
Calhoun Law Group, P.C.
9112 Lindale Drive
Bethesda, MD 20817-3441
Office Phone: (202) 441-5592
Telefax: (301) 564-1941
E-mail: Click here to send e-mail.
Calhoun Law Group, P.C.
9112 Lindale Drive
Bethesda, MD 20817-3441
Office Phone: (202) 441-5592
Telefax: (301) 564-1941
E-mail: Click here to send e-mail.
| Type of Limitation | 2013 1 | 2012 2 | 2011 3 | 2010 4 | 2009 5 | 2008 6 |
| Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups) | $17,500 | $17,000 | $16,500 | $16,500 | $16,500 | $15,500 |
| 457(b)(2) and 457(c)(1) Limits (not including catch-ups) | $17,500 | $17,000 | $16,500 | $16,500 | $16,500 | $15,500 |
| Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans 7 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,000 |
| Defined Benefit Plans | $205,000 | $200,000 | $195,000 | $195,000 | $195,000 | $185,000 |
| Defined Contribution Plans | $51,000 | $50,000 | $49,000 | $49,000 | $49,000 | $46,000 |
| Annual Compensation Limit | $255,000 | $250,000 | $245,000 | $245,000 | $245,000 | $230,000 |
| Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 | $380,000 | $375,000 | $360,000 | $360,000 | $360,000 | $345,000 |
| Highly Compensated Employee (“HCEs”) | $115,000 | $115,000 | $110,000 | $110,000 | $110,000 | $105,000 |
| Individual Retirement Accounts (“IRAs”), for individuals 49 and below | $5,500 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 |
| Individual Retirement Accounts (“IRAs”), for individuals 50 and above | $6,500 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 |
| SIMPLE Retirement Accounts | $12,000 | $11,500 | $11,500 | $11,500 | $11,500 | $10,500 |
| SEP Coverage | N/A | $550 | $550 | $550 | $550 | $500 |
| SEP Compensation | $255,000 | $250,000 | $245,000 | $245,000 | $245,000 | $230,000 |
| Tax Credit ESOP Maximum Balance | $1,035,000 | $1,015,000 | $985,000 | $985,000 | $985,000 | $935,000 |
| Amount for Lengthening of 5-Year ESOP Period | $205,000 | $200,000 | $195,000 | $195,000 | $195,000 | $185,000 |
| Excess Distribution Threshold | N/A | N/A | N/A | N/A | N/A | N/A |
| Qualified Police and Firefighters’ DB Benefit Limit | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Subject to Social Security Tax | $113,700 | $110,100 | $106,800 | $106,800 | $106,800 | $102,000 |
| FICA Tax for employers | 7.65% | 7.65% | 7.65% | 7.65% | 7.65% | 7.65% |
| FICA Tax for employees | 7.65% | 5.65% | 5.65% | 7.65% | 7.65% | 7.65% |
| Social Security Tax for employers | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% |
| Social Security Tax for employees | 6.2% | 4.2% | 4.2% | 6.2% | 6.2% | 6.2% |
| Medicare Tax for employees and employers | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
| SECA Tax for self-employed workers | 15.3% | 13.3% | 13.3% | 15.3% | 15.3% | 15.3% |
| Social Security Tax for self-employed workers | 12.4% | 10.4% | 10.4% | 12.4% | 12.4% | 12.4% |
| Medicare Tax for self-employed workers | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% |
Footnotes:
1. 2013 limits reflect issuance of IRS Notice 2012-67, 2012-50 I.R.B. 672 (December 10, 2012) and the corresponding Social Security Administration News Release (October 18, 2012).
2. 2012 limits reflect issuance of IRS Notice 2011-91, 2011-47 I.R.B. 792 (November 21, 2011) and the corresponding Social Security Administration News Release (October 20, 2011).
3. 2011 limits reflect issuance of IRS Notice 2010-78, 2010-49 I.R.B. 808 (December 6, 2010) and the corresponding Social Security Administration News Release (October 15, 2010).
4. 2010 limits reflect issuance of IRS Notice 2009-94, 2009-50 I.R.B. 848 (December 14, 2009) and the corresponding Social Security Administration News Release (October 15, 2009).
5. 2009 limits reflect issuance of IRS Notice 2008-102, 2008-45 I.R.B. 1107 (November 10, 2008) and the corresponding Social Security Administration News Release (October 16, 2008).
6. 2008 limits reflect issuance of IRS Notice 2007-87, 2007-45 I.R.B. 966 (November 5, 2007) and the corresponding Social Security Administration News Release (October 18, 2007).
7. This number is only the catch-up available under Code section 414(v). Code sections 457(b)(3) and 402(g) provide separate catch-up rules, which must also be considered in appropriate cases.