Nov 04

The IRS has announced the 2011 cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items.

401(k), 403(b), and 457(b) plans all have limits unchanged at $16,500. The catch-up provision for those 50 and older is also unchanged at $5,500.

The single and head of household phaseout for traditional IRA deductability is unchanged at $56,000-$66,000 and for married filing joint, it goes up slightly to $90,000-$110,000. The IRA deposit itself is still at $5,000 or $6000 for those 50 and over.

The Roth IRA phaseout is $169,000 to 179,000 for married couples filing jointly, up from $167,000 to $177,000 in 2010. For singles and heads of household, the income phase-out range is $107,000 to $122,000, up from $105,000 to $120,000.

Last, the Social Security Wage Base remains at $106,800. If you are fortunate enough to make more than this, income above this amount is not subject to the FICA withholding (but is subject to Medicare withholding which has no limit.

Joe

written by Joe \\ tags: , , , ,

One Response to “Pension Plan Limits for 2011”

  1. Simple Weekend Reading – Retirement Edition | Simple Financial Lifestyle Says:

    [...] Not sure how much you can contribute to your 401k and pension? KNS Financial offers 2011 Contribution Limits for IRA, 401(k), and 403(b) and JoeTaxpayer offers Pension Plan Limits for 2011 [...]

Leave a Reply