Phaseout for Deducting IRA Contributions (Qualified Plan Participant)
Joint
$85,000-$105,000 AGI
Single
$53,000-$63,000 AGI
Spousal IRA
$159,000-$169,000 AGI
Phaseout for Roth Contribution Eligibility
Joint
$159,000-$169,000 MAGI
Single
$101,000-$116,000 MAGI
Filing Separate
$0-$10,000 MAGI
No Roth conversions if MAGI exceeds
$100,000
SEP Contribution
Up to 25% of compensation, limit
$46,000
Compensation to participate in SEP
$500
401(k), 403(b), 457, & SARSEP
Elective Deferral Under Age 50
$15,500
Elective Deferral Age 50 & Over
$20,500
SIMPLE Elective Deferral
Under Age 50
$10,500
Age 50 & Over
$13,000
Limits on additions to defined contribution plans
100% of compensation or $46,000
Annual benefit limit on defined benefit plan
$185,000
Highly-compensated employee makes
$105,000
Annual compensation taken into account for qualified plans
$230,000
Retirement Tax Credit A percentage tax credit is allowed for an IRA, 401(k), 403(b), or 457 plan contribution, in addition to deduction or exclusion, if:
Married, Joint
Below $53,000 MAGI
Head of Household
Below $39,750 MAGI
Single
Below $26,500 MAGI
Information provided in the 2008 Tax Information Guide is general in nature and is not meant to offer tax advice. You should consult your own tax
advisor for more complete information.
