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IRS annual contribution limits for retirement savings accounts:
| Provision |
2012
|
2011
|
| Maximum annual IRA contribution (under age 50) |
$5,000
|
$5,000
|
| Maximum annual IRA contribution (age 50 or over) |
$6,000
|
$6,000
|
| Maximum annual 401(k), 403(b), or 457 salary-deferral limit (under age 50) |
$17,000
|
$16,500
|
| Maximum annual 401(k), 403(b), or 457 salary-deferral limit (age 50 or over) |
$22,500
|
$22,000
|
| Maximum annual additions limit under defined contribution plan |
$50,000
|
$49,000
|
| Maximum includible compensation for computing contributions |
$250,000
|
$245,000
|
| Maximum SIMPLE salary-deferral limit (under age 50) |
$11,500
|
$11,500
|
| Maximum SIMPLE salary-deferral limit (age 50 or over) |
$14,000
|
$14,000
|
| Minimum annual compensation for determining a "highly compensated" employee (used in 401(k) nondiscrimination tests) |
$115,000
|
$110,000
|
| Minimum annual compensation amount for SEP participation |
$550
|
$550
|
Note: The Social Security Taxable Wage Base — the maximum compensation on which Social Security taxes are withheld is $110,100 in 2012.
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