Retirement & Pension Plans Key Points

Retirement & Pension Plans - 2012 Key Points
Maximum Annual Benefit for Defined Benefit Plan$200,000
Maximum Annual Contribution for Defined Contribution Plan$50,000
Highly Compensated Employee (In General)$115,000
SEP Minimum Compensation Amount$550
SEP Compensation Limit$250,000
401(k) Maximum Compensation Amount$250,000
401 (k) Maximum Elective Deferral Amount (In General)$17,000
IRA Deduction Limit (In General)$5,000
SIMPLE Elective Deferral Limit$11,500
Catch-up Contributions (For Taxpayers Over Age 49)
Traditional and Roth IRA$1,000
SIMPLEs$2,500
401(k), 403(b), and 457 Plans$5,500
Retirement Savings Contribution Tax Credit (Maximum)$1,000
Traditional IRA Deduction Phaseout Ranges
Filing Status2012 MAGI2013 MAGI
MFJ or QW$92,000 - $112,000$95,000 - $115,000
Single or HOH$58,000 - $68,000$59,000 - $69,000
MFS$0 - $10,000$0 - $10,000
Roth IRA Contribution Phaseout Ranges
Filing Status2012 MAGI2013 MAGI
MFJ or QW$173,000 - $183,000$178,000 - $188,000
Single or HOH$110,000 - $125,000$112,000 - $127,000
MFS$0 - $10,000$0 - $10,000
Retirement Savings Contributions Credit: (Saver’s Credit)

If you qualify, you can claim a tax credit for your contributions to a qualified retirement plan or Traditional IRA or Roth IRA. You have to meet all of these qualifications: You are age 18 and older. You are not a full time student. You are not claimed as dependent on someone else’s return. Your AGI does not exceed $28,750 ($57,500 if MFJ, or $43,125 for Head of Household). Attach form 8880 and claim credit on line 50 of 2012-1040.
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