UPDATE UPDATES...GOTTA LOVE THOSE TAX UPDATES

They Happen Every Year...

Tax Updates 2015

2015 QUALIFIED PLAN LIMITS
THE PLAN LIMITS FOR 2015 HAVE BEEN ANNOUNCED!

  • Annual Compensation Limit

    • Increases from $260,000 to $265,000

  • Salary Deferral Limit for 401(k) and 403(b) Plans

    • Increases from $17,500 to $18,000

  • Catch-up Contribution Limit for 401(k) and 403(b) Plans

    • Increases from $5,500 to $6,000

  • Annual Additions Limit for Defined Contribution Plans

    • Increases from $52,000 to $53,000

  • Annual Additions Limit for Defined Benefit Plans

    • Remains Unchanged at $210,000

  • Social Security Wage Base

    • Increases from $117,000 to $118,500


Testing Limits

  • Highly Compensated Employee

    • Annual Income Limit Increases from $115,000 to $120,000

  • Key Employee Based on Officer Status

    • Remains Unchanged at $170,000

Phillip R. Christenson

Office, 3131 Fernbrook Lane N., Suite 224, Plymouth, MN 55447, USA

Phillip Christenson is co-owner and financial advisor at Phillip James Financial, a Fee Only Financial Planning & Investment Management located in Plymouth Minnesota and serving the surrounding suburbs. He has been published and quoted in many national publications such as the Wall Street Journal, Chicago Tribune, Investopedia, etc.