Financial Fitness - Special Edition 2011/12
Special Edition 2011/12 PDF »
Special Edition 2011/12 Articles
- It’s Not Too Late to
Make Major Gifts » - FATCA – Offshore Reporting Developments »
- Pennsylvania Act 32 Update »
- Tax Notices »
- Tax Updates for 2011
and/or 2012 » - Accounting Standards Updates »
- Key Benefit Plan Limits
for 2011 »
- Average Itemized Deductions »
- Individual Income Tax
Rates 2011 » - Putting Together Your Tax Information: The “Short List” for Businesses and Individuals »
- 2012 Wage/Tax Facts Quick Reference Guide »
- Newsletter Summary Page »
Key Benefit Plan Limits for 2011
| Maximum Annual Benefit for Defined Benefit Plan | |
| 2012: $200,000 | 2011: $195,000 |
| Maximum Annual Contribution for Defined Contribution Plan | |
| 2012: $50,000 | 2011: $49,000 |
| Highly Compensated Employee Definition (In General) | |
| 2012: $115,000 | 2011: $110,000 |
| SEP Compensation Minimum Amount | |
| 2012: $550 | 2011: $550 |
| SEP Nondiscrimination Compensation Amount | |
| 2012: $250,000 | 2011: $245,000 |
| 401(k) Maximum Compensation Amount | |
| 2012: $250,000 | 2011: $245,000 |
| 401(k) Maximum Exclusion (Deferrals/In General) | |
| 2012: $17,000 | 2011: $16,500 |
| IRA Deduction Limit (In General) | |
| 2012: $5,000 | 2011: $5,000 |
| SIMPLE Contribution Limit | |
| 2012: $11,500 | 2011: $11,500 |
| Catch-up Contributions (50 years of age and older) | |
| Traditional and Roth IRAs | |
| 2012: $1,000 | 2011: $1,000 |
| SIMPLEs | |
| 2012: $2,500 | 2011: $2,500 |
| 401(k), 403(b) and 457 Plans | |
| 2012: $5,500 | 2011: $5,500 |
| Qualified Transportation Fringe Benefits | |
| Commuter Highway Vehicle and Transit Pass | |
| 2012: $125 | 2011: $230 |
| Qualified Parking | |
| 2012: $240 | 2011: $230 |
| Adoption Assistance Programs | |
| Excludible Amount | |
| 2012: $12,650 | 2011: $13,360 |
| Phase Out Income Thresholds | |
| Phase Out Begins | |
| 2012: $189,710 | 2011: $185,210 |
| Phase Out Complete | |
| 2012: $229,710 | 2011: $225,210 |
| Long-term Care Premiums Under Section 213 | |
| Age 40 or Less | |
| 2012: $350 | 2011: $340 |
| Age 41 to 50 | |
| 2012: $660 | 2011: $640 |
| Age 51 to 60 | |
| 2012: $1,310 | 2011: $1,270 |
| Age 61 to 70 | |
| 2012: $3,500 | 2011: $3,390 |
| Age 71 or Older | |
| 2012: $4,370 | 2011: $4,240 |
Newsletter Summary Page »
To ensure compliance with requirements imposed by the IRS, please note, any advice contained in this publication was not intended, or written, to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. This publication is distributed with the understanding that the publisher and distributor are not providing legal, accounting or other professional advice and assume no liability whatsoever in conjunction with the information contained within this publication.