Maximum Benefits and Contributions Limits for 1996 to 2016 (Posted on November 1, 2018 by )


Carol V. Calhoun, Counsel
Venable LLP
600 Massachusetts Avenue, NW
Washington, DC 20001
Phone: (202) 344-4715
Fax: (202) 344-8300
Mobile: (202) 441-5592
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Carol V. Calhoun

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Type of Limitation 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups) $18,000 $18,000 $17,500 $17,500 $17,000 $16,500 $16,500 $16,500 $15,500 $15,500 $15,000 $14,000 $13,000 $12,000 $11,000 $10,500 $10,500 $10,000 $10,000 $9,500 $9,500
457(b)(2) and 457(c)(1) Limits (not including catch-ups) $18,000 $18,000 $17,500 $17,500 $17,000 $16,500 $16,500 $16,500 $15,500 $15,500 $15,000 $14,000 $13,000 $12,000 $11,000 $8,500 $8,000 $8,000 $8,000 $7,500 N/A
Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans $6,000 $6,000 $5,500 $5,500 $5,500 $5,500 $5,500 $5,500 $5,000 $5,000 $5,000 $4,000 $3,000 $2,000 $1,000 N/A N/A N/A N/A N/A N/A
Defined Benefit Plans $210,000 $210,000 $210,000 $205,000 $200,000 $195,000 $195,000 $195,000 $185,000 $180,000 $175,000 $170,000 $165,000 $160,000 $160,000 $140,000 $135,000 $130,000 $130,000 $125,000 $120,000
Defined Contribution Plans (annual additions limit) $53,000 $53,000 $52,000 $51,000 $50,000 $49,000 $49,000 $49,000 $46,000 $45,000 $44,000 $42,000 $41,000 $40,000 $40,000 $35,000 $30,000 $30,000 $30,000 $30,000 $30,000
Annual Compensation Limit $265,000 $265,000 $260,000 $255,000 $250,000 $245,000 $245,000 $245,000 $230,000 $225,000 $220,000 $210,000 $205,000 $200,000 $200,000 $170,000 $170,000 $160,000 $160,000 $160,000 $150,000
Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 $395,000 $395,000 $385,000 $380,000 $375,000 $360,000 $360,000 $360,000 $345,000 $335,000 $325,000 $315,000 $305,000 $300,000 $295,000 $285,000 $275,000 $270,000 $265,000 N/A N/A
Highly Compensated Employee (“HCEs”) $120,000 $120,000 $115,000 $115,000 $115,000 $110,000 $110,000 $110,000 $105,000 $100,000 $100,000 $95,000 $90,000 $90,000 $90,000 $85,000 $85,000 $80,000 $80,000 $80,000 N/A
Key Employee/Officer $170,000 $170,000 $170,000 $165,000 $165,000 $155,000 $155,000 $160,000 $150,000 $145,000 $140,000 $135,000 $130,000 $130,000 $130,000 N/A N/A N/A N/A N/A N/A
Individual Retirement Accounts (“IRAs”), for individuals 49 and below $5,500 $5,500 $5,500 $5,500 $5,000 $5,000 $5,000 $5,000 $5,000 $4,000 $4,000 $4,000 $3,000 $3,000 $3,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Individual Retirement Accounts (“IRAs”), for individuals 50 and above $6,500 $6,500 $6,500 $6,500 $6,000 $6,000 $6,000 $6,000 $6,000 $5,000 $5,000 $4,500 $3,500 $3,500 $3,500 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
SIMPLE Retirement Accounts $12,500 $12,500 $12,000 $12,000 $11,500 $11,500 $11,500 $11,500 $10,500 $10,500 $10,000 $10,000 $9,000 $8,000 $7,000 $6,500 $6,000 $6,000 $6,000 $6,000 N/A
SEP Coverage $600 $600 $550 $550 $550 $550 $550 $550 $500 $500 $450 $450 $450 $450 $450 $450 $450 $400 $400 $400 $400
SEP Compensation $265,000 $265,000 $260,000 $255,000 $250,000 $245,000 $245,000 $245,000 $230,000 $225,000 $220,000 $210,000 $205,000 $200,000 $200,000 $170,000 $170,000 $160,000 $160,000 $160,000 $150,000
Tax Credit ESOP Maximum Balance $1,070,000 $1,070,000 $1,050,000 $1,035,000 $1,015,000 $985,000 $985,000 $985,000 $935,000 $915,000 $850,000 $850,000 $830,000 $810,000 $800,000 $780,000 $755,000 $735,000 $725,000 $710,000 $690,000
Amount for Lengthening of 5-Year ESOP Period $210,000 $210,000 $210,000 $205,000 $200,000 $195,000 $195,000 $195,000 $185,000 $180,000 $175,000 $170,000 $165,000 $160,000 $160,000 $155,000 $150,000 $145,000 $145,000 $140,000 $135,000
Maximum Amount for Qualified Longevity Annuity Contract Purchases $125,000 $125,000 $125,000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Excess Distribution Threshold N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $160,000 $155,000
Qualified Police and Firefighters’ DB Benefit Limit N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $70,000 $66,000
Income Subject to Social Security Tax $118,500 $118,500 $117,000 $113,700 $110,100 $106,800 $106,800 $106,800 $102,000 $97,500 $94,200 $90,000 $87,900 $87,000 $84,900 $80,400 $76,200 $72,600 $68,400 $65,400 $62,700
FICA Tax for employers 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65%
FICA Tax for employees 7.65% 7.65% 7.65% 7.65% 5.65% 5.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65% 7.65%
Social Security Tax for employers 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2%
Social Security Tax for employees 6.2% 6.2% 6.2% 6.2% 4.2% 4.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2%
Medicare Tax for employees and employers 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45%
SECA Tax for self-employed workers 15.3% 15.3% 15.3% 15.3% 13.3% 13.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3% 15.3%
Social Security Tax for self-employed workers 12.4% 12.4% 12.4% 12.4% 10.4% 10.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4% 12.4%
Medicare Tax for self-employed workers 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9%
Footnotes:
14. 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.
15. 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.
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.