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CCH can assist you with stories, including interviews with CCH subject experts.
Also, the 2006
CCH Whole Ball of Tax is available in print. Please
contact:
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
Neil Allen
(847) 267-2179
neil.allen@wolterskluwer.com
Link to special CCH Tax Briefings on key topics from 2005:
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2006 CCH Whole Ball of Tax
Retirement by the Numbers for 2006
Many of the contribution limits
and income eligibility requirements, as well as catch-up contributions
for those 50 years and older, increased for 2006.
Employer-sponsored Programs
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Retirement
Vehicle
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Maximum 2006
Employee Contribution (2005)
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Catch-up
Contributions
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401(k), 457 and 403(b) plans
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$15,000 – pre-tax dollars
($14,000 for 2005)
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$5,000
($4,000 for 2005)
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Roth 401(k) and 403(b) plans
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$15,000
– after-tax dollars
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$5,000
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SIMPLE plans
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$10,000
– pre-tax dollars
(same for 2005)
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$2,500
($2,000 for 2005)
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SARSEP*
(Salary Reduction SEP)
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$15,000
– pre-tax dollars
($14,000 for 2005)
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$5,000
($4,000 for 2005)
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IRAs**
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Retirement
Vehicle
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2006
Maximum Contribution Limits
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Catch-up
Contributions
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Adjusted
Gross
Income (AGI) Restrictions
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Traditional Deductible IRA
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$4,000
– pre-tax dollars
(same for 2005)
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$1,000
($500 for 2005)
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For active participants in employer provided
plan:
Single filers: under $50,000; phasing out completely
at $60,000 (same for 2005)
Married, filing jointly: under $75,000 phasing out completely
at $85,000 ($70,000 phasing out at $80,000 for 2005)
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Traditional Nondeductible IRA
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$4,000
– pre-tax dollars
(same for 2005)
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$1,000
($500 for 2005)
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N/A
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Roth IRA
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$4,000
– after-tax dollars
(same for 2005)
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$1,000
($500 for 2005)
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Single filers: under
$95,000; phasing out completely at $110,000 (same for 2005)
Married, filing jointly: under $150,000; phasing
out completely at $160,000 (same for 2005)
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* 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 17, 2006, to make contributions
to their IRAs for 2005.
Source: CCH, 2006
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