IRA, Simple
|
2014 |
2015 |
| Maximum Contribution-Traditional
IRA, Roth IRA |
| Age under 50
Age 50 or over |
$5,500
$6,500 |
|
| Age under 50
Age 50 or over |
$5,500
$6,500 |
|
| Maximum SIMPLE Salary Reduction |
| Age under 50
Age 50 or over |
$12,000
$14,500 |
|
| Age under 50
Age 50 or over |
$12,500
$15,500 |
|
| Deductibility Phaseout |
| Single filer
Joint Filer |
$60,000
$96,000 |
|
| Single filer
Joint Filer |
$61,000
$98,000 |
|
Employer Sponsored Retirement Plans
| Maximum Salary Deferral, 401(k),
403(b) (TSA), or 457 Plan |
| Age under 50
Age 50 or over |
$17,500
$23,000 |
|
| Age under 50
Age 50 or over |
$18,000
$24,000 |
|
| Maximum Plan Compensation |
$260,000 |
$265,000 |
| Defined Benefit Plan Dollar Limitation |
$210,000 |
$210,000 |
| Defined Contribution Dollar Limitation |
$52,000 |
$53,000 |
| Highly Compensated Employee |
$115,000 |
$120,000 |
Social Security
| Taxable Wage Base |
$117,000 |
$118,500 |
| Benefit Increase from Prior Year |
1.5% |
1.3% |
| Average Retirement Benefit, Individual |
$1,294 |
$1,328 |
| Average Retirement Benefit, Couple |
$2,111 |
$2,176 |
| Maximum Retirement Benefit |
Age 66, $2,642 |
Age 66, $2,663 |
| Maximum Earnings, Early Retirement,
before Reduction of Benefits |
$15,480 |
$15,720 |
Estate Planning
| Applicable Credit Equivalent |
$5,340,000 |
$5,430,000 |
| Generation Skipping Transfer Tax |
$5,340,000 |
$5,430,000 |
| Annual Gift Tax Exclusion |
$14,000 |
$14,000 |
| Lifetime Gift Tax Exclusion |
$5,340,000 |
$5,430,000 |
| Annual Gift Tax Exclusion, Non-US
Citizen Spouse |
$145,000 |
$147,000 |
FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.
Information provided by Advanced Underwriting Consultants. January 2015 Life Live Newsletter. www.ALICSonline.com
We are required by IRS Circular 230 to inform you that any statements contained herein are not intended or written to be used, and cannot be used, by you or any other taxpayers, for the purpose of avoiding any penalties that may be imposed by federal tax law. Life Live presents general information for the use of life insurance professionals. For specific information that can be rlied upon in particular circumstances, please consult with a professional advisor.
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