|
|
2003 |
2004 |
|
Employee/individual contribution limits |
|
Elective deferral limits |
|
401(k) plans, 403(b) plans, 457 plans, and SAR-SEPs |
Lesser of $12,000 or 100% of participant's
compensation |
Lesser of $13,000 or 100% of participant's
compensation |
|
SIMPLE 401(k) plans and SIMPLE IRA plans |
Lesser of $8,000 or 100% of participant's
compensation |
Lesser of $9,000 or 100% of participant's
compensation |
|
IRA contribution limits |
|
Traditional IRAs |
Lesser of $3,000 or 100% of participant's earned
income |
Lesser of $3,000 or 100% of participant's earned
income |
|
Roth IRAs |
Lesser of $3,000 or 100% of participant's earned
income |
Lesser of $3,000 or 100% of participant's earned
income |
|
Additional "catch-up" limits (individuals age 50 or
older) |
|
401(k) plans, 403(b) plans, and 457 plans |
$2,000 |
$3,000 |
|
SIMPLE 401(k) plans and SIMPLE IRA plans |
$1,000 |
$1,500 |
|
IRAs (traditional and Roth) |
$500 |
$500 |
|
Employer contribution/benefit limits |
|
Defined benefit plan limits |
|
Annual contribution limit per participant |
No predetermined limit. Contributions based on amount
needed to fund promised benefits. |
No predetermined limit. Contributions based on amount
needed to fund promised benefits. |
|
Annual benefit limit per participant |
$160,000 |
$165,000 |
|
Defined contribution plan limits |
|
Annual addition limit per participant |
Lesser of $40,000 or 100% of participant's
compensation |
Lesser of $41,000 or 100% of participant's
compensation |
|
Maximum tax-deductible employer contribution |
25% of total compensation of employees covered under
the plan (20% if self employed) |
25% of total compensation of employees covered under
the plan (20% if self employed) |
|
Compensation limits/thresholds |
|
Retirement plan compensation limits |
|
Maximum compensation per participant that can be used
to calculate tax-deductible employer contribution |
$200,000 |
$205,000 |
|
Compensation threshold used to determine a
highly-compensated employee |
$90,000 |
$90,000 |
|
Compensation threshold used to determine a key
employee in a top-heavy plan |
$1 for more-than-5% owners
$130,000 for officers
$150,000 for more-than-1% owners |
$1 for more-than-5% owners
$130,000 for officers
$150,000 for more-than-1% owners |
|
Compensation threshold used to determine a qualifying
employee under a SIMPLE plan |
$5,000 |
$5,000 |
|
Compensation threshold used to determine a qualifying
employee under a SEP plan |
$450 |
$450 |
|
Traditional deductible IRA compensation limits |
|
Income phase-out range for determining deductibility
of traditional IRA contributions for taxpayers: |
|
1. Covered by an employer-sponsored plan and filing
as: |
|
|
|
Single |
$40,000-$50,000 |
$45,000-$55,000 |
|
Married filing jointly |
$60,000-$70,000 |
$65,000-$75,000 |
|
Married filing separately |
$0-$10,000 |
$0-$10,000 |
|
2. Not covered by an employer-sponsored retirement
plan, but filing joint return with a spouse who is covered by an
employer-sponsored retirement plan |
$150,000-$160,000 |
$150,000-$160,000 |
|
Roth IRA compensation limits |
|
Income phase-out range for determining ability to
fund a Roth IRA for taxpayers filing as: |
|
Single |
$95,000-$110,000 |
$95,000-$110,000 |
|
Married filing jointly |
$150,000-$160,000 |
$150,000-$160,000 |
|
Married filing separately |
$0 - $10,000 |
$0 - $10,000 |
|
Annual income limit for determining ability to
convert traditional IRA to Roth IRA |
$100,000 |
$100,000 |
