RETIREMENT – 2013 TAX CHANGES FOR INDIVIDUALS

Contribution Limits
Income Tax Service For Small Businesses ā€“ For 2013, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is $17,500. For persons age 50 or older in 2013, the limit is $23,000 ($5,500 catch-up contribution). Contribution limits for SIMPLE plans remain at $12,000 for persons under age 50 and $14,500 for persons age 50 or older in 2013. The maximum compensation used to determine contributions increases to $255,000.

Saver’s Credit
In 2013, the AGI limit for the saver’s credit (also known as the retirement savings contributions credit) for low-and moderate-income workers is $59,000 for married couples filing jointly, $44,250 for heads of household, and $29,500 for married individuals filing separately and for singles.

Please contact us if you need help understanding which deductions and tax credits you are entitled to. We are always available to assist you.
ABA Tax Accounting
info@abataxaccounting.com
(952) 583-9108, (651) 621-5777, (612) 224-2476, (763) 269-5396, (818) 627-7315, (773) 599-7182, (404) 884-6903
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