The IRS recently announced the 2018 cost-of-living adjustments for various retirement plan dollar limits.
The indexed amounts, and other commonly used limits, are listed below:
|IRA Contribution Limit||$5,500||$5,500||$5,500|
|IRA Catch-Up Contributions||1,000||1,000||1,000|
IRA AGI Deduction Phase-out Starting at
|Single or Head of Household||63,000||62,000||61,000|
|SEP Minimum Compensation||600||600||600|
|SEP Maximum Contribution||55,000||54,000||53,000|
|SEP Maximum Compensation||275,000||270,000||265,000|
|SIMPLE Maximum Contributions||12,500||12,500||12,500|
401(k), 403(b), Profit-Sharing Plans, etc.
|Defined Contribution Limits||55,000||54,000||53,000|
|Defined Benefit Limits||220,000||215,000||210,000|
|457 Elective Deferrals||18,500||18,000||18,000|
|Control Employee (board member or officer)||110,000||105,000||105,000|
|Control Employee (compensation-based)||220,000||215,000||215,000|
|Taxable Wage Base||128,400||127,200||118,500|
Receive Free financial tips & Tax Alerts!
Solana Beach, California – January 25, 2022 — Christina Tharp, Managing Partner and CFO of Hamilton Tharp LLP, is pleased to announce the promotion to Partner of Kim Spinardi effective…
While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start…
Note: Congress is considering proposals that could expand the Work Opportunity Tax Credit for certain qualified groups. We will monitor this development and communicate updates as necessary. As a business, tax planning can help create…