Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-04-2013, 07:25 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
The IRS announced new dollar limits for 2014 for 401(k) and other defined contribution plans & defiined benefit pension plans.

The IRS announced on Oct. 31, 2013, cost-of-living adjustments for the 2014 tax year that apply to dollar limits for 401(k) and other defined contribution retirement plans, as well as defined benefit pension plans.

IRS stated that "some plan limits will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for adjustment, but other limits will rise in 2014."

The announcement highlighted the new limits for 2014 as follows:
  1. The 401(k), 403(b), and certain 457 plan elective deferral limits in 2014 will remain at $17,500; the catch-up contribution limit will stay at $5,500.

  2. The annual defined contribution limit from all sources under Code Section 415(c) will rise to $52,000 from $51,000.

  3. The maximum amount of employee compensation that can be considered in calculating contributions to defined contribution and defined benefit plans will increase to $260,000 from $255,000.

  4. The limit used in the definition of ”key employee" for purposes of certain nondiscrimination tests and determining whether a plan is top-heavy will increase to $170,000 from $165,000.

  5. The limit used in the definition of a highly compensated employee for the purpose of 401(k) and other nondiscrimination testing remains unchanged at $115,000.

__________________
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
  #2 (permalink)  
Old 03-14-2014, 01:01 AM
Junior Member
 
Join Date: Mar 2014
Posts: 1
Refund Loans

There have been a lot of issues surrounding the income tax that people have been paying. It seems that the taxes that were being paid by the people have exceeded its limits. As of last year, there weren't going to be any refund anticipation loans or tax refund loans ever again, because of an extirpated IRS law. However, occasionally things do come back, as a new form of the loans is being offered by numerous tax prep services. Source of article: 1-877 payday. It is not easy paying for your monthly debts if you are not financially stable. You should try availing a payday loan right now so that you will be able to pay those bills on time.



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
Reply


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
IRS Announces Withholding Adjustment Option for Pension Plans Samatg Tax News 0 05-14-2009 02:32 PM
What are the new Indexed Contribution & Benefit Limits for Qualified Plans for 2008? TaxGuru IRA/Sep 0 01-12-2009 01:06 AM
What are the Presidential Candidates plans on AMT tax? TaxGuru Alternative Minimum Tax 0 09-27-2008 04:05 PM
What knowledge should Taxpayers expect from an ERPA with respect to Pension Plans? TaxGuru Retirement Planning 0 08-19-2008 12:12 PM
March 17, 2008 is the deadline for contributions to pension & profit sharing plans! TaxGuru C-Corporation 0 03-17-2008 01:26 PM

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

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

» Recent Tax Q&A
No Threads to Display.