Summary Table for Employee Benefit Plans and IRAs

January 1, 2008

Article from RTCPA E-News (http://www.envoynews.com/rtacpa/e_article000984039.cfm?x=b11,0,w)

January 1, 2008
Summary Table for Employee Benefit Plans and IRAs

    2008   2007   2006
 
Compensation Limit [IRC Sec. 401(a)(17)]       $ 230,000       $ 225,000       $ 220,000
Defined Benefit Plan Annual Benefit Limit       $ 185,000       $ 180,000       $ 175,000
Defined Contribution Plan Annual
Contribution Limit
      $   46,000       $   45,000       $   44,000
401(k), 403(b), and SARSEPs
 Annual Deferral Limit2       $   15,500       $   15,500       $   15,000
 Catch-up Contribution3       $    5,000       $    5,000       $    5,000
457 Plan            
 Annual Deferral Limit       $   15,500       $   15,500       $   15,000
 Catch-up Contribution3       $    5,000       $    5,000       $    5,000
SIMPLE Plan
 Annual Deferral Limit       $   10,500       $   10,500       $   10,000
 Catch-up Contribution3       $    2,500       $    2,500       $    2,500
IRA            
 Annual Contribution Limit       $    5,000       $    4,000       $    4,000
 Catch-up Contribution3       $    1,000       $    1,000       $    1,000
Highly Compensated Employee Compensation
Threshold
      $ 105,000       $ 100,000       $ 100,000
Key Employee Officer Compensation Threshold       $ 150,000       $ 145,000       $ 140,000
SEP Compensation Threshold       $       500       $       500       $       450
Traditional IRA Deduction Phaseout (AGI)
  Unmarried—Active Participant $53,000/63,000 $52,000/62,000 $50,000/60,000
  MFS—any spouse participates       $0/10,000       $0/10,000       $0/10,000
  MFJ—nonparticipating spouse $159,000/169,000 $156,000/166,000 $150,000/160,000
  MFJ—participating spouse $85,000/105,000 $83,000/103,000 $75,000/85,000
Excludible Long-term Care Per Diem       $       270       $       260       $       250
Eligible Long-term Care Premiums
 Age 40 and under       $       310       $       290       $       280
 Age 41–50       $       580       $       550       $       530
 Age 51–60       $    1,150       $    1,110       $    1,060
 Age 61–70       $    3,080       $    2,950       $    2,830
 Over age 70       $    3,850       $    3,680       $    3,530
Medical Savings Accounts (MSAs)
 Self-coverage Only
  Deductible Not Less Than       $    1,950       $    1,900       $    1,800
  and Not More Than       $    2,900       $    2,850       $    2,700
  Out-of-pocket Expenses Do Not Exceed       $    3,850       $    3,750       $    3,650
  Plan Family Coverage
  Deductible Not Less Than       $    3,850       $    3,750       $    3,650
  and Not More Than       $    5,800       $    5,650       $    5,450
  Out-of-pocket Expenses Do Not Exceed       $    7,050       $    6,900       $    6,650
Health Savings Accounts (HSAs)
 Plan Minimum Deductible
  Self-coverage       $    1,100       $    1,100       $    1,050
  Plan Family Coverage       $    2,200       $    2,200       $    2,100
 Contribution (Deduction) Maximum5
  Self-coverage       $    2,900       $    2,850       $    2,700
  Family Coverage       $    5,800       $    5,650       $    5,450
 Catch-up Contribution4       $       900       $       800       $       700
 Plan Out-of-pocket Limit
  Self-coverage       $    5,600       $    5,500       $    5,250
  Family Coverage       $   11,200       $   11,000       $   10,500
Qualified Transportation Exclusions
 Parking/per month       $       220       $       215
Published by Reed Tinsley CPA 
Copyright © 2015 Reed Tinsley CPA. All rights reserved.

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