|
Type
of
Limitation
|
|
|
|
|
|
2003
|
|
Elective
Deferrals
(401(k) and
403(b); not
including
adjustments
and
catch-ups)
|
$15,500
|
$15,500
|
$15,000
|
$14,000
|
$13,000
|
$12,000
|
|
457(b)(2)
and
457(c)(1)
Limits (not
including
catch-ups)
|
$15,500
|
$15,500
|
$15,000
|
$14,000
|
$13,000
|
$12,000
|
Section
414(v)
Catch-Up
Deferrals to
401(k),
403(b),
457(b), or
SARSEP Plans
6/
|
$5,000
|
$5,000
|
$5,000
|
$4,000
|
$3,000
|
$2,000
|
|
Defined
Benefit
Plans
|
$185,000
|
$180,000
|
$175,000
|
$170,000
|
$165,000
|
$160,000
|
|
Defined
Contribution
Plans
|
$46,000
|
$45,000
|
$44,000
|
$42,000
|
$41,000
|
$40,000
|
|
Annual
Compensation
Limit
|
$230,000
|
$225,000
|
$220,000
|
$210,000
|
$205,000
|
$200,000
|
|
Annual
Compensation
Limit for
Grandfathered
Participants
in
Governmental
Plans Which
Followed
401(a)(17)
Limits (With
Indexing) on
July 1, 1993
|
$345,000
|
$335,000
|
$325,000
|
$315,000
|
$305,000
|
$300,000
|
|
Highly
Compensated
Employee ("HCEs")
|
$105,000
|
$100,000
|
$100,000
|
$95,000
|
$90,000
|
$90,000
|
|
Individual
Retirement
Accounts
("IRAs"),
for
individuals
49 and below
|
$5,000
|
$4,000
|
$4,000
|
$4,000
|
$3,000
|
$3,000
|
|
Individual
Retirement
Accounts
("IRAs"),
for
individuals
50 and above
|
$6,000
|
$5,000
|
$5,000
|
$4,500
|
$3,500
|
$3,500
|
|
SIMPLE
Retirement
Accounts
|
$10,500
|
$10,500
|
$10,000
|
$10,000
|
$9,000
|
$8,000
|
|
SEP
Coverage
|
$500
|
$500
|
$450
|
$450
|
$450
|
$450
|
|
SEP
Compensation
|
$230,000
|
$225,000
|
$220,000
|
$210,000
|
$205,000
|
$200,000
|
|
Tax
Credit ESOP
Maximum
Balance
|
$935,000
|
$915,000
|
$850,000
|
$850,000
|
$830,000
|
$810,000
|
|
Amount
for
Lengthening
of 5-Year
ESOP Period
|
$185,000
|
$180,000
|
$175,000
|
$170,000
|
$165,000
|
$160,000
|
|
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
|
$102,000
|
$97,500
|
$94,200
|
$90,000
|
$87,900
|
$87,000
|
|
FICA Tax
for
employees
and
employers
|
7.65%
|
7.65%
|
7.65%
|
7.65%
|
7.65%
|
7.65%
|
|
Social
Security Tax
for
employees
and
employers
|
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%
|
|
FICA Tax
for
self-employed
workers
|
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%
|
12.4%
|
12.4%
|
|
Medicare
Tax for
self-employed
workers
|
2.9%
|
2.9%
|
2.9%
|
2.9%
|
2.9%
|
2.9%
|
1/
2008 limits reflect
issuance of
IRS News Release
IR-2007-171 (October 18,
2007) and the
corresponding
Social Security
Administration News
Release (October 18,
2007).
2/
2007 limits reflect
issuance of
IRS Notice 2006-98,
2006-46 I.R.B. 906
(November 13, 2006)
and the corresponding
Social Security
Administration News
Release (October 18,
2006).
3/
2006 limits reflect
issuance of
IRS Notice 2005-75,
2005-45 I.R.B. 929
(November 7, 2005)
and the corresponding
Social Security
Administration News
Release (October 14,
2005).
4/
2005 limits reflect
issuance of
IRS Notice 2004-72,
2004-46 I.R.B. 840
(November 15, 2004)
and the corresponding
Social Security
Administration News
Release (October 19,
2004).
5/
2004 limits reflect
issuance of
IRS Notice 2003-73,
2003-45 I.R.B. 1017
(November 10, 2003)
and the corresponding
Social Security
Administration News
Release (October 16,
2003).
6/
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.
|
|
|
|
|
|
|
-
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