Pension Plan Limits
The most frequently asked tax questions related to Pension Plan Limits
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Answer Tax QuestionsTraditional IRA
Asked Saturday, November 22, 2014 by an anonymous user
In 2016, the deduction for taxpayers making contributions to a traditional IRA is $5,500 with a over 50 years of age catch up amount of $1,000.
It is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $61,000 and $71,000,
For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $98,000 to $118,000,
For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $184,000 and $194,000,
For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
It is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $61,000 and $71,000,
For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $98,000 to $118,000,
For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $184,000 and $194,000,
For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
Catch-up contribution
Asked Thursday, December 05, 2013 by an anonymous user
The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans is $6,000, In 2017, the total maximum contribution would be $18,000 plus $6,000 catch up = $24,000.