Tax Information
Information on this page is provided in summary form as a convenience for our clients. Please refer to the Internal Revenue Service web site for complete details.
2012 IRS Contribution Limits
Traditional & Roth IRA
| Standard Limit | Catch-up Limit (Age 50 and older) |
|
|---|---|---|
| Traditional* | $5,000 | $6,000 |
| Roth* | $5,000 | $6,000 |
| *Filing Status | *MAGI Phase-out Range |
|---|---|
| Single: | $56,000-$66,000 |
| Married Filing Joint: (you participate in a 401k plan) |
$90,000 - $110,000 |
| Married Filing Joint (your spouse participates in a 401k plan) |
$169,000 - $179,000 |
| Married Filing Joint (neither spouse is active 401k plan participant) |
No Limit |
SEP
(Simplified Employee Pension)
| Max Dollar Allocation | Max Considered Compensation |
|---|---|
| $49,000 | $245,000 |
The maximum amount that can be contributed to a simplified pension plan (SEP) is 25% of an employee's compensation, which is capped at a maximum as indicated above.
Simple IRA
| Standard Limit | Catch-up Limit (Age 50 and older) |
|---|---|
| $11,500 | $14,000 |
Employers are generally required to match each employee's salary reduction contributions, on a dollar-for-dollar basis, up to 3% of the employee's compensation. As an alternative, the employer may match 2% of each eligible employee's salary regardless of whether they participate or not.
401k Plans
(Employee Salary Deferrals)
| Standard Limit | Catch-up Limit (Age 50 and older) |
Maximum considered compensation |
|---|---|---|
| $17,000 | $22,500 | $250,000 |
The combined employee and employer contributions cannot exceed $50,000 (Standard Limit) or $55,000 (over age 50).
Coverdell Education Savings Account (ESA)
| Standard Limit (up to age 18) |
MAGI Limits to qualify for account |
|---|---|
| $2,000 | Single: $95,000-$110,000 Married Filing Joint: $190,000-$220,000 |
Oregon 529 College Savings Plan
| Standard Limit | MAGI Limits to qualify for account | Oregon Income Tax Deduction |
|---|---|---|
| $310,000 | None | Married Filing Joint: $4,170 Married Filing Separate: $2,085 |
Health Savings Account
| High Deductible Health Plan Coverage | Standard Limit | Catch-up Limit (Age 55-65, 65 and older if your qualify) |
|---|---|---|
| Individual (Self Only) | $3,050 | $4,050 |
| Family | $6,150 | $7,150 |
| High Deductible Health Plan Coverage | Minimum Deductible of at Least | Annual Out-of-Pocket Expense Limit |
|---|---|---|
| Individual (Self Only) | $1,200 | $5,950 |
| Family | $2,400 | $11,600 |
2011 IRS Contribution Limits
Traditional & Roth IRA
| Standard Limit | Catch-up Limit (Age 50 and older) |
|
|---|---|---|
| Traditional* | $5,000 | $6,000 |
| Roth* | $5,000 | $6,000 |
| *Filing Status | *MAGI Phase-out Range |
|---|---|
| Single: | $56,000-$66,000 |
| Married Filing Joint: (you participate in a 401k plan) |
$90,000 - $110,000 |
| Married Filing Joint (your spouse participates in a 401k plan) |
$169,000 - $179,000 |
| Married Filing Joint (neither spouse is active 401k plan participant) |
No Limit |
SEP
(Simplified Employee Pension)
| Max Dollar Allocation | Max Considered Compensation |
|---|---|
| $49,000 | $245,000 |
The maximum amount that can be contributed to a simplified pension plan (SEP) is 25% of an employee's compensation, which is capped at a maximum as indicated above.
Simple IRA
| Standard Limit | Catch-up Limit (Age 50 and older) |
|---|---|
| $11,500 | $14,000 |
Employers are generally required to match each employee's salary reduction contributions, on a dollar-for-dollar basis, up to 3% of the employee's compensation. As an alternative, the employer may match 2% of each eligible employee's salary regardless of whether they participate or not.
401k Plans
(Employee Salary Deferrals)
| Standard Limit | Catch-up Limit (Age 50 and older) |
Maximum considered compensation |
|---|---|---|
| $16,500 | $22,000 | $245,000 |
The combined employee and employer contributions cannot exceed $49,000 (Standard Limit) or $54,500 (over age 50).
Coverdell Education Savings Account (ESA)
| Standard Limit (up to age 18) |
MAGI Limits to qualify for account |
|---|---|
| $2,000 | Single: $95,000-$110,000 Married Filing Joint: $190,000-$220,000 |
Oregon 529 College Savings Plan
| Standard Limit | MAGI Limits to qualify for account | Oregon Income Tax Deduction |
|---|---|---|
| $310,000 | None | Married Filing Joint: $4,170 Married Filing Separate: $2,085 |
Health Savings Account
| High Deductible Health Plan Coverage | Standard Limit | Catch-up Limit (Age 55-65, 65 and older if your qualify) |
|---|---|---|
| Individual (Self Only) | $3,050 | $4,050 |
| Family | $6,150 | $7,150 |
| High Deductible Health Plan Coverage | Minimum Deductible of at Least | Annual Out-of-Pocket Expense Limit |
|---|---|---|
| Individual (Self Only) | $1,200 | $5,950 |
| Family | $2,400 | $11,600 |
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