Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-12-2009, 01:06 AM
TaxGuru's Avatar
Tax Guru
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,413
Blog Entries: 3
What are the new Indexed Contribution & Benefit Limits for Qualified Plans for 2008?

Here are both the Contributions and Benefit limits for the tax year 2008 along with the changes if any from the prior year.

A. Type of Plan 2008
1. Individual Retirement Accounts (IRAs)-$5,000 up from $4,000 from 2007.

2. Section 401(k) and Section 403(b)plans-$15,500, unchanged from prior year.

3. Section 408(p)(2)(E) SIMPLE contributions-$10,500, unchanged from prior year.

4. Section 457(b)(2) limit-$15,500, unchanged from prior year.

5. Section 415 limit for Defined contribution plans-$46,000 up from $45,000 from 2007.

6. Defined benefit plans-$185,000 up from $180,000 from 2007.

7. Highly compensated employees Section 414(q)-$105,000 up from $100,000 from 2007.

8. Section 415 compensation limit for defined contribution plans-$230,000 up from $225,000 for 2007.

Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
2008 Capital Gains & Qualified Dividends Tax Rate SurferDude Capital Gains 0 09-13-2008 01:16 PM
What happens when the taxpayer's contribution exceeds the allowable limits? chrisk Itemized Deductions 1 07-14-2008 11:45 AM
March 17, 2008 is the deadline for contributions to pension & profit sharing plans! TaxGuru C-Corporation 0 03-17-2008 01:26 PM
What are the Roth IRA limits for 2007 and 2008? TaxGuru IRA/Sep 0 12-14-2007 10:30 AM
2007 Changes to Qualified Transportation Fringe Benefit TaxGuru Miscellaneous 0 12-01-2007 11:00 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning