Retirement Contributions for 2014 and 2015

Below is a table of retirement contributions for 2014 and 2015.  It may not be too late to contribute for 2014 as you can contribute up to the due date of your tax return (i.e. April 15, 2015 for 2013 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 2014 2015
IRA Contributions
Base Contribution 5,500 5,500
Age 50 Catch Up 1,000 1,000
Simple IRA
Base Contribution 12,000 12,500
Age 50 Catch Up 2,500 3,000
401(k), 403(b) and 457 Plan
Base Contribution 17,500 18,000
Age 50 Catch Up 5,500 6,000
Defined Contribution – Limit 52,000 53,000
Defined Benefit – Limit 210,000 215,000
IRC 415 Compensation Limit 260,000 265,000