2011 Retirement Plan Limits

Some of amounts that individuals can contribute to retirement plans are indexed for inflation and can change annually.  The Internal Revenue Service has announced the following amounts for 2011.  [Please be advised these amounts can be changed should Congress choose to do so.]

  • $ 16,500     The contribution limit for employees to a 401(k), 403(b) or 457(b) plan
  • $16,500     The contribution limit for employees to the federal Thrift Savings Plan
  •  $5,500     The “catch-up” contribution limit for plan participants aged 50 and over
  • The modified adjusted gross income range in which the deduction for IRA contribution by active participants in an employer-sponsored retirement plan is phased out
    • $  90,000 to  $ 110,00 for Married Filing Joint tax returns
    • $  56,000 to $  66,000 for Single taxpayers
    • $  56,000 to $  66,000 for Head of Household taxpayers
  • The modified adjusted gross income range in which the deduction for IRA contributions by individuals who are not active participants in an employer-sponsored retirement plan but are married to individuals who are is phased out
    • $169,000 to $179,000 for Married Filing Joint tax returns
  • The adjusted gross income range in which a taxpayers ability to make a Roth IRA contribution is phased out
    • $169,000 to $179,000 for Married Filing Joint tax returns
    • $107,000 to $122,000 for Single taxpayers
    • $107,000 to $122,000 for Head of Household taxpayers
    • $0 to $10,000 for Married Filing Separate tax returns [when the taxpayer is an active participant in an employer-sponsored retirement plan]
  • The adjusted gross income limit for the Retirement Savings Contribution Credit (aka the Saver’s Credit)
    • $  56,500  for Married Filing Joint tax returns
    • $  42,375  for Head of Household taxpayers
    • $  28,250  for Single taxpayers
    • $  28,250  for Married Filing Separate tax returns

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Roy & Associates, PC serves clients in western Pennsylvania located predominantly in Westmoreland County, Allegheny County, and Fayette County.

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