Contact Us | CCH Online Store | Site Map

Home

Link to special CCH Tax Briefings on key topics from 2003:

Year-End Tax Legislation Update (Dec. 10)
Corporate Income Tax and 'Bonus' Depreciation
(Dec. 4)
Military Family Tax Relief Act (Nov. 11)
Jobs and Growth Tax Relief Reconciliation Act of 2003 (May 28)

CCH can assist you with stories, including interviews with CCH subject experts. Also, the CCH Whole Ball of Tax 2004 is available in print. Please contact:

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

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

CCH Whole Ball of Tax 2004

Release (20) | Back to WBOT

CCH Whole Ball of Tax 2004

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

Retirement by the Numbers for 2004

Many of the contribution limits and income eligibility requirements changed for 2004 as did some catch-up contribution limits available to those 50 years and older.

Employer-sponsored Programs
Retirement Vehicle	Maximum Pre-tax Employee Contribution	Catch-up Contributions
401(k), 457 and 403(b) plans	$13,000	$3,000
SIMPLE plans	$9,000	$1,500
SARSEP* (Salary Reduction SEP)	$13,000	$3,000

IRAs**
Retirement Vehicle	Maximum Contribution Limits	Catch-up Contributions	Adjusted Gross Income Restrictions
Traditional Deductible IRA	$3,000 – pre-tax dollars	$500	For active participants in employer provided plan: Single filers: under $45,000; phasing out completely at $55,000 Married, filing jointly: under $65,000; phasing out completely at $75,000
Traditional Nondeductible IRA	$3,000 – after-tax dollars	$500	N/A
Roth IRA	$3,000 – 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, 2004 to make contributions to their IRAs for 2003. The AGI restriction for 2003 traditional IRAs for single filers is under $40,000, phasing out completely at $50,000. For married filing jointly, AGI must be under $60,000, phasing out completely at $70,000. The AGI restriction for Roth IRAs is the same for 2003 and 2004 tax years.

Source: CCH INCORPORATED, 2004