IRS Increases to 2014 Retirement Limits

January 10, 2014

Contributing to a retirement plan is one of the best tax shelters available to you during your working years.  Recently, the IRS announced that most of the retirement savings limits will NOT increase for 2014.

RETIREMENT PLAN LIMITS FOR 2014

 

 Savings Opportunity

Maximum Contribution   for 2014

 401(k) or 403(b)   Deferrals

 $17,500 in 2014 

 Roth and Traditional   IRAs 

 $5,500 per person

 Self-employed Retirement   Plans

 

 SEP or Keogh - $52,000/yr

Solo 401(k) - $52,000/yr

SIMPLE - $24,000/yr 

 529 Plans

 $14,000 per donor   (up to $70,000 in one year) 

 

If you’ll be 50 or older by December 31, 2014, you can contribute an extra $5,500 into your 401(k), Solo 401(k), or 403(b) plan, an extra $2,500 into your SIMPLE, and an extra $1,000 into your IRA.

 

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