The Internal Revenue Service (IRS) has announced the 2013 annual dollar limitations on benefits, contributions, and compensation. The key limits for 2013 (as well as the limits that applied in 2012) are listed in the table below.
|
Code Section |
Limit |
2013 |
2012 |
|
§401(a)(17)(A) |
Annual Compensation |
$255,000 |
$250,000 |
|
§402(g)(1)(B) |
401(K)/403(B) Elective Deferrals |
$17,500 |
$17,000 |
|
§414(q)(1)(B)(i) |
Highly Compensated Employees |
$115,000 |
$115,000 |
|
§414(v)(2)(B)(i) |
Age 50+ "Catch-Up" Contributions |
$5,500 |
$5,500 |
|
§415(b)(1)(A) |
DB Annual Benefits |
$205,000 |
$200,000 |
|
§415(c)(1)(A) |
DC Annual Additions |
$51,000 |
$50,000 |
|
§416(i)(1)(A)(i) |
Key Employee/Officer |
$165,000 |
$165,000 |
|
§457(e)(15)(A) |
457(b) Elective Deferrals |
$17,500 |
$17,000 |
|
§223(b)(2) |
HSA Annual Contribution Levels |
|
|
|
|
Individual |
$3,250 |
$3,100 |
|
|
Family |
$6,450 |
$6,250 |
|
Social Security Wage Base |
$113,700 |
$110,100 |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.