Maximum Benefits and Contributions Limits for 2010 to 2015 (Posted on October 22, 2014 by )


Carol V. Calhoun
Carol V. Calhoun, President
Calhoun Law Group, P.C.
9112 Lindale Drive
Bethesda, MD 20817-3441
Office Phone: (202) 441-5592
Telefax: (301) 564-1941
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Type of Limitation 2015 2014 2013 2012 2011 2010
Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups) $18,000 $17,500 $17,500 $17,000 $16,500 $16,500
457(b)(2) and 457(c)(1) Limits (not including catch-ups) $18,000 $17,500 $17,500 $17,000 $16,500 $16,500
Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans $6,000 $5,500 $5,500 $5,500 $5,500 $5,500
Defined Benefit Plans $210,000 $210,000 $205,000 $200,000 $195,000 $195,000
Defined Contribution Plans $53,000 $52,000 $51,000 $50,000 $49,000 $49,000
Annual Compensation Limit $265,000 $260,000 $255,000 $250,000 $245,000 $245,000
Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 N/A $385,000 $380,000 $375,000 $360,000 $360,000
Highly Compensated Employee (“HCEs”) $120,000 $115,000 $115,000 $115,000 $110,000 $110,000
Individual Retirement Accounts (“IRAs”), for individuals 49 and below $6,000 $5,500 $5,500 $5,000 $5,000 $5,000
Individual Retirement Accounts (“IRAs”), for individuals 50 and above $7,000 $6,500 $6,500 $6,000 $6,000 $6,000
SIMPLE Retirement Accounts N/A $12,000 $12,000 $11,500 $11,500 $11,500
SEP Coverage N/A N/A N/A $550 $550 $550
SEP Compensation $265,000 $260,000 $255,000 $250,000 $245,000 $245,000
Tax Credit ESOP Maximum Balance N/A $1,050,000 $1,035,000 $1,015,000 $985,000 $985,000
Amount for Lengthening of 5-Year ESOP Period N/A $210,000 $205,000 $200,000 $195,000 $195,000
Maximum Amount for Qualified Longevity Annuity Contract Purchases $125,000 $125,000 N/A N/A N/A N/A
Income Subject to Social Security Tax $118,500 $117,000 $113,700 $110,100 $106,800 $106,800
FICA Tax for employers 7.65% 7.65% 7.65% 7.65% 7.65% 7.65%
FICA Tax for employees 7.65% 7.65% 7.65% 5.65% 5.65% 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% 6.2% 6.2% 4.2% 4.2% 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% 15.3% 15.3% 13.3% 13.3% 15.3%
Social Security Tax for self-employed workers 12.4% 12.4% 12.4% 10.4% 10.4% 12.4%
Medicare Tax for self-employed workers 2.9% 2.9% 2.9% 2.9% 2.9% 2.9%
Footnotes:
1. 2015 IRS limits are projected, courtesy of Tom Poje of DCS Retirement Group. Projections not yet available are shown as “N/A.” 2015 Social Security limits are based on the Social Security Administration News Release (October 22, 2014).
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.
8. Beginning in 2013, there is also a 0.9 percent Additional Medicare Tax that applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for married taxpayers who file separately, and $200,000 for all other taxpayers. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year.
2015 IRS limits are projected, courtesy of Tom Poje of DCS Retirement Group. Projections not yet available are shown as “N/A.” 2015 Social Security limits are based on the Social Security Administration News Release (October 22, 2014).
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.
Beginning in 2013, there is also a 0.9 percent Additional Medicare Tax that applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for married taxpayers who file separately, and $200,000 for all other taxpayers. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year.