Year 2014 IRS Dollar Limits

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The IRS announced the Year 2014 cost-of-living adjustments for various provisions affecting employee benefit plans.  The following table shows certain Year 2014 limits and those from prior years.  Many of the 2014 limits listed below remain unchanged from 2013 because the increase in cost-of-living index did not meet the statutory thresholds that trigger their adjustment.    

The IRS publication with a complete list of 2014 limits can be found here and the corresponding fact sheet on 2014 Social Security changes can be found here.

Plan Limits

2014

2013

2012

2011

2010

2009

§ 401(k) Plan, § 403(b) Plan, and § 457 Governmental Plan

$17,500

$17,500

$17,000

$16,500

$16,500

$16,500

§§ 401(k), 403(b) and 457 Catch-Up Contributions

$5,500

$5,500

$5,500

$5,500

$5,500

$5,500 

SIMPLE Plan

$12,000

$12,000

$11,500

$11,500

$11,500

$11,500

SIMPLE § 401(k) and IRA Catch-Up Contributions

$2,500

$2,500

$2,500

$2,500

$2,500

$2,500

§ 415 Limit for

Defined Contribution Plan § 415(c)

Defined Benefit Plan § 415(b)

$52,000

$210,000

 $51,000

$205,000

$50,000

$200,000

$49,000

$195,000

$49,000

$195,000

$49,000

$195,000

Highly Compensated Employee § 414(q)

$115,000

$115,000

$115,000

$110,000

$110,000

$110,000

Includible Compensation § 401(a)(17)

$260,000

$255,000

$250,000

$245,000

$245,000

$245,000

Key Employee Officer Group § 416

$170,000

$165,000

$165,000

$160,000

$160,000

$160,000

Compensation Threshold for SEP Eligibility § 408(k)(2)(C)

$550

$550

$550  

$550

$550

$550

FICA Taxable Wage Base

 

 

 

 

 

 

Social Security (Tax Rate 6.20%)

$117,000

$113,700

$110,100

$106,800

$106,800

$106,800

Medicare (Tax Rate 1.45%)

 No limit

No limit

No limit

No limit

No limit

No limit

 

Topics:  401k, Benefit Plan Sponsors, COLA, Employee Benefits, FICA Taxes, IRS

Published In: Finance & Banking Updates, Labor & Employment Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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