2015 pension contribution limits set


The IRS in News Release IR-2014-99 announced 2015 limitations and adjusted gross income (AGI) phaseout ranges for retirement plan contributions:

  • Secs. 401(k), 403(b), and most 457 plan deferrals: $18,000; catch-up contribution for employees age 50 and over: $6,000.
  • Individual retirement arrangement (IRA): $5,500; catch-up contribution: $1,000.
  • AGI phaseout for traditional IRA contributions if covered by workplace retirement plan: single and head of household, $61,000–$71,000; married filing jointly, contributor covered by workplace plan, $98,000–$118,000; contributor not covered by workplace plan but spouse is covered, $183,000–$193,000.
  • AGI phaseout for Roth IRA contributions: single and head of household: $116,000–$131,000; married filing jointly: $183,000–$193,000.

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.