Below is a table of retirement contributions for 2012 and 2013. It may not be too late to contribute for 2012 as you can contribute up to the due date of your tax return (i.e. April 15, 2013 for 2012 1040) for certain retirement plans. You may also be eligible for the retirement savers tax credit for contributions. Note there are additional catch up contributions allowed for those 50 years old and older. Certain income limitations may apply, please contact us with additional questions.
| RETIREMENT CONTRIBUTIONS | 2012 | 2013 | |
| IRA Contributions | |||
| Base Contribution | 5,000 | 5,500 | |
| Age 50 Catch Up | 1,000 | 1,000 | |
| Simple IRA | |||
| Base Contribution | 11,500 | 12,000 | |
| Age 50 Catch Up | 2,500 | 2,500 | |
| 401(k), 403(b) and 457 Plan | |||
| Base Contribution | 17,000 | 17,500 | |
| Age 50 Catch Up | 5,500 | 5,500 | |
| Defined Contribution – Limit | 50,000 | 51,000 | |
| Defined Benefit – Limit | 200,000 | 205,000 | |
| IRC 415 Compensation Limit | 250,000 | 255,000 | |