Back in October, the Internal Revenue Service announced cost of living adjustments and dollar limitations for pension plans, retirement plans and individual retirement arrangements (IRAs). Below are the summarized Contribution Limits for Tax Year 2012.
401k Limits for 2012
- Elective Deferral (Contribution) limit – $17,000
- Catch-up Contribution limit (for those above age 50) – $5,500
403b Limits for 2012
- Elective Deferral (Contribution) limit – $17,000
- Catch-up Contribution limit (for those above age 50) – $5,500
Traditional IRA Contribution Limits for 2012
- Under Age 50 – Contribution Limit – $5,000
- Above Age 50 – Contribution Limit (plus Catch-up Contribution) – $6,000
ROTH IRA Contribution Limits for 2012
- Under Age 50 – Contribution Limit – $5,000
- Above Age 50 – Contribution Limit (plus Catch-up Contribution) – $6,000
Notes:
- For the most up-to-date limits, please refer to the IRS website at www.irs.gov. Refer to Publication 590.
- IRAs are subject to income considerations. Please consult your CPA.
Seeking other contribution limits? Here is an overall comparison of Contribution Limits for 2012.