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