 |
CCH can assist you with stories, including interviews with CCH subject experts.
Also, the 2007
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 2006:
| |
2007 CCH Whole Ball of Tax
Retirement by the Numbers for 2007
Unlike some of the large increases seen in maximum contribution limits in years past, maximum employee contributions to employer sponsored programs, such as 401(k), 457 and 403(b) plans, are now indexed for inflation in $500 increments under the Pension Protection Act of 2006.
Employer-sponsored Programs |
Retirement Vehicle |
Maximum 2007
Employee Contribution (2006) |
Catch-up Contributions |
401(k), 457 and 403(b) plans |
$15,500 – pre-tax dollars
($15,000 for 2006) |
$5,000
(same for 2006) |
Roth 401(k) and 403(b) plans |
$15,500 – after-tax dollars
($15,000 for 2006)
|
$5,000
(same for 2006)
|
SIMPLE plans |
$10,500 – pre-tax dollars
(10,000 for 2006) |
$2,500
(same for 2006) |
SARSEP*
(Salary Reduction SEP) |
$15,500 – pre-tax dollars
($15,000 for 2006) |
$5,000
(same for 2006) |
IRAs** |
Retirement
Vehicle
|
2007 Maximum Contribution Limits |
Catch-up Contributions |
Adjusted Gross
Income (AGI) Restrictions |
Traditional Deductible IRA |
$4,000
(same for 2006) |
$1,000
(same for 2006) |
For active participants in employer provided plan:
Single filers: under $52,000 phasing out completely at $62,000 (under $50,000; phasing out completely at $60,000 for 2006)
Married, filing jointly: under $83,000 phasing out completely at $103,000 ($75,000 phasing out at $85,000 for 2006) |
Traditional Nondeductible IRA |
$4,000
(same for 2006) |
$1,000
(same for 2006) |
N/A |
Roth IRA Nondeductible
|
$4,000
(same for 2006)
|
$1,000
(same for 2006) |
Single filers: under $99,000 phasing out completely at $114,000 (under $95,000; phasing out completely at $110,000 for 2006)
Married, filing jointly: under $156,000 phasing out completely at $166,000 (under $150,000; phasing out completely at $160,000 for 2006) |
* 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 16, 2007, to make contributions to their IRAs for 2006.
Source: CCH, 2007
|
|
|
|
