Pension Plan and Other Contribution Limitations for 2015

Pension Plan and Other Contribution Limitations for 2015

The IRS has announced the 2015 cost of living adjustments for retirement plans contributions as well as the social security wage base.  The chart below summarizes the amounts put in place for 2014 and the updated amounts for 2015.

2014 Amount

2015 Amount

401(k), 403(b), 457 maximum deferral

$   17,500

$   18,000

401(k), 403(b) 457 catch-up (age 50 and older)

$     5,500

$     6,000

SEP IRA, solo 401(k) maximum contribution

$   52,000

$   53,000

SIMPLE IRA maximum contribution

$   12,000

$   12,500

SIMPLE IRA catch-up

$     2,500

$     3,000

IRA maximum contribution

$     5,500

$     5,500

IRA catch-up

$     1,000

$     1,000

Social Security Wage Base

$ 117,000

$ 118,500

Maximum FICA – Employee

$     7,254

$     7,347

Maximum FICA – Self Employed

$   14,508

$   14,694

For more information please contact:

Tony Wagner, CPA, CGMA

515-223-7300

tony@brookslodden.com

 

Dawn Reseland, CPA

515-223-7300

dawn@brookslodden.com

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