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:
2018 | 2017 | 2016 | |||
IRAs |
|||||
---|---|---|---|---|---|
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 |
|||||
Joint Return | 101,000 | 99,000 | 98,000 | ||
Single or Head of Household | 63,000 | 62,000 | 61,000 | ||
SEP |
|||||
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 Plans |
|||||
SIMPLE Maximum Contributions | 12,500 | 12,500 | 12,500 | ||
Catch-up Contributions | 3,000 | 3,000 | 3,000 | ||
401(k), 403(b), Profit-Sharing Plans, etc. |
|||||
Annual Compensation | 275,000 | 270,000 | 265,000 | ||
Elective Deferrals | 18,500 | 18,000 | 18,000 | ||
Catch-up Contributions | 6,000 | 6,000 | 6,000 | ||
Defined Contribution Limits | 55,000 | 54,000 | 53,000 | ||
ESOP Limits |
1,105,000 220,000 |
1,080,000 215,000 |
1,070,000 210,000 |
||
Other |
|||||
HCE Threshold | 120,000 | 120,000 | 120,000 | ||
Defined Benefit Limits | 220,000 | 215,000 | 210,000 | ||
Key Employee | 175,000 | 175,000 | 170,000 | ||
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 |
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