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CCH can assist you with stories, including interviews with CCH subject experts. Also, the 2005 CCH Whole Ball of Tax is available in print. Please contact:

Leslie Bonacum
(847) 267-7153
mediahelp@cch.com

Neil Allen
(847) 267-2179
allenn@cch.com

Link to special CCH Tax Briefings on key topics from 2004:

American Jobs Creation Act
Read more

Working Families Tax Relief Act
Read more

2005 CCH Whole Ball of Tax

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2005 CCH Whole Ball of Tax

Contact: Leslie Bonacum, 847-267-7153, mediahelp@cch.com
Neil Allen, 847-267-2179, allenn@cch.com

Retirement by the Numbers for 2005

Many of the contribution limits and income eligibility requirements, as well as catch-up contributions for those 50 years and older, increased for 2005.

Employer-sponsored Programs
Retirement Vehicle	Maximum Pre-tax Employee Contribution	Catch-up Contributions
401(k), 457 and 403(b) plans	$14,000	$4,000
SIMPLE plans	$10,000	$2,000
SARSEP* (Salary Reduction SEP)	$14,000	$4,000

IRAs**
Retirement Vehicle	Maximum Contribution Limits	Catch-up Contributions	Adjusted Gross Income (AGI) Restrictions
Traditional Deductible IRA	$4,000 – pre-tax dollars	$500	For active participants in employer provided plan: Single filers: under $50,000; phasing out completely at $60,000 Married, filing jointly: under $70,000; phasing out completely at $80,000
Traditional Nondeductible IRA	$4,000 – after-tax dollars	$500	N/A
Roth IRA	$4,000 – after-tax dollars	$500	Single filers: under $95,000; phasing out completely at $110,000 Married, filing jointly: under $150,000; phasing out completely at $160,000

* SARSEPs must be established prior to January 1,1997. The maximum contribution and catch-up amounts are the same as for 401(k), 457 and 403(b) plans.

** Individuals have until April 15, 2005, to make contributions to their IRAs for 2004. The AGI restriction for 2004 traditional IRAs for single filers is under $45,000, phasing out completely at $55,000. For married filing jointly, AGI must be under $65,000, phasing out completely at $75,000. The AGI restriction for Roth IRAs is the same for 2004 and 2005 tax years.

Source: CCH INCORPORATED, 2005