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Retirement and Contributions for 2012

By November 29, 2011January 31st, 20142011, Tax Tips

Benefit Plans: Several key ceilings on retirement plans will be higher next year: The maximum 401(k) contribution rises to $17,000 in 2012, up $500 over this year. Individuals born before 1963 can put in as much as $22,500. The contribution limits apply to 403(b) and 457 plans as well. The ceiling on SIMPLEs will remain $11,500. Folks age 50 or older in 2012 can put in an additional $2,500.

Plan contributions can be based on up to $250,000 of salary next year. The payin limitation for defined contribution plans increases to $50,000 in 2012. That’s a $1,000 increase for Keogh plans, profit sharing plans and the like.

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Accounting & Tax Solutions

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