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Whole Ball of Tax 2003

RETIREMENT BY THE NUMBERS FOR 2003

In most cases, contribution limits for both employer-sponsored and self-directed retirement plans have increased significantly in the few years, allowing people who can afford to do so to save even more for retirement. Added incentive also is available to those age 50 and over who are eligible to make catch-up contributions above the maximum contributions allowed for most types of plans.

Employer-sponsored Programs

Retirement Vehicle

Maximum Pre-tax Employee Contribution

Catch-up Contributions

401(k), 457 and 403(b) plans

$12,000

$2,000

SIMPLE plans

$8,000

$1,000

SARSEP*

(Salary Reduction SEP)

$12,000

$2,000

 

IRAs**

Retirement Vehicle

Maximum Contribution Limits

Catch-up Contributions

Adjusted Gross Income Restrictions

Traditional Deductible IRA

$3,000 – pre-tax dollars

$500

To Make Deductible Contributions:

Single filers: under $40,000; phasing out completely at $50,000

Married, filing jointly: under $60,000; phasing out completely at $70,000

Traditional Nondeductible IRA

$3,000 – after-tax dollars

$500

N/A

Roth IRA

$3,000 – after-tax dollars

$500

To Establish Roth IRAs:

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, 2003 to make contributions to their IRAs for 2002. The AGI restrictions for 2002 traditional IRAs for single filers is under $34,000, phasing out completely at $44,000. For married filing jointly, AGI must be under $54,000, phasing out completely at $64,000. The AGI restrictions for Roth IRAs as well as maximum compensation levels for SEP-IRAs are the same for both 2002 and 2003 tax years.

Source: CCH INCORPORATED, 2003

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nb-03-13

   

 
For more information on the president's 2003 Economic Growth Tax Plan, please visit,
 
2003 Bush Tax Plan

The 2003 Whole Ball of Tax also is available in print. If you would like to request the print version, please contact:

 
Leslie Bonacum
(847) 267-7153
 
mediahelp@cch.com
 
Neil Allen
(847) 267-2179
allenn@cch.com

   


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