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2014 Retirement Plan Limits

Retirement and Health Plan Limits for 2014

The IRS has released the cost-of-living adjustments affecting dollar limitations for defined contribution and defined benefit retirement plans. The table below compares both the retirement plan and health insurance plan limits for 2012 through 2014. Further guidance can be found on the IRS website.

Retirement Plans

2014 Limit

2013 Limit

2012 Limit

401(k), 403(b), 457(b)(2) elective deferrals

$17,500

$17,500

$17,000

401(k), 403(b) "catch up" contributions for ages 50+

$5,500

$5,500

$5,500

SIMPLE plan elective deferral

$12,000

$12,000

$11,500

SIMPLE "catch up" contributions for ages 50+

$2,500

$2,500

$2,500

Defined contribution plan maximum

$52,000

$51,000

$50,000

Defined benefit plan maximum

$210,000

$205,000

$200,000

Maximum includible compensation

$260,000

$255,000

$250,000

Highly compensated employee

$115,000

$115,000

$115,000

FICA taxable wage base

$117,000

$113,700

$110,100

Health Insurance Plans

2014 Limit

2013 Limit

2012 Limit

Health Savings Account (HSA) contribution limit -- individual

$3,300

$3,250

$3,100

HSA contribution limit -- family

$6,550

$6,450

$6,250

HSA "catch up" contributions for ages 55+

$1,000

$1,000

$1,000

Minimum deductible for high-deductible health plan (HDHP) -- individual

$1,250

$1,250

$1,200

Minimum deductible for HDHP -- family

$2,500

$2,500

$2,400

Maximum out-of-pocket for HDHP -- individual

$6,350

$6,250

$6,050

Maximum out-of-pocket for HDHP -- family

$12,700

$12,500

$12,100

Flexible Spending Account (FSA) contribution limit

$2,500

$2,500

No limit*

 *While there was no limit for contributions, most plans capped them at $5,000 or less.

Tracking #: 1-228772

 

Retirement Plan Contribution Limits

Tax Year 2014 2013 2012
IRA Contribution Limit – 219(b)(5)(A) – Under Age 50 $5,500 $5,500 $5,000
IRA Catch-Up Contribution Limit – 219(b)(5)(B) – Age 50 or Over $1,000 $1,000 $1,000
       
SIMPLE IRA Maximum Contributions – 408(p)(2)(E) – Under Age 50 $12,000 $12,000 $11,500
SIMPLE IRA Maximum Catch-Up Contribution – 414(v)(2)(B)(ii) – Age 50 or Over $2,500 $2,500 $2,500
       
Coverdell ESA Contribution Limit * $2,000 $2,000 $2,000
       
Employer Defined Contribution Limit – 415(c)(1)(A) $52,000 $51,000 $50,000
       
Elective Deferral Limit – 402(g)(1) $17,500 $17,500 $17,000
Elective Deferral Catch-Up Limit – 414(v)(2)(B)(i) $5,500 $5,500 $5,500
       
Annual Compensation Cap – 401(a)(17)/404(I) $260,000 $255,000 $250,000
SEP Minimum Compensation – 408(k)(2)(C) $550 $550 $550
SEP Maximum Compensation – 408(k)(3)(C) $260,000 $255,000 $250,000
457 Elective Deferrals – 457(e)(15) $17,500 $17,500 $17,000
Defined Benefit Limit – 415(b)(1)(A) $210,000 $205,000 $200,000
Highly Compensated Employee (HCE) – 414(q)(1)(B) $115,000 $115,000 $115,000
Key Employee – 416(i)(1)(A)(i) $170,000 $165,000 $165,000
Taxable Wage Base $117,000 $113,700 $110,100
 

*Please Note: On January 1, 2013, Congress permanently extended the EGTRRA increase of annual contribution amount from $500 to $2,000, and expanded the definition of education expenses to include elementary and secondary school expenses. The bill extends the changes to Coverdell accounts for taxable years beginning after December 31, 2012.

 

 

 

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