Friday, December 23, 2011

Retirement and Health Plan Limits for 2012

Here are the 2012 contribution limits for the following retirement plans:
·         401(k) limits increase from $16,500 to $17,000. The same limit applies to 403(b) and  457 plans.
·         IRA limits remain the same at $5,000
·         SEP limits increase from $49,000 to $50,000
·         SIMPLE limits remain the same at $11,500
·         Catch-up contributions remain the same
o   $5,500 for 401(k), 403(b) and 457 plans
o   $2,500 for SIMPLEs
o   $1,000 for IRAs
Here are the new limits for high deductible health plans:
·         Health Savings Accounts
o   Individual contribution limits increase from $3,050 to $3,100
o   Family contribution limits increase from $6,150 to $6,250
·         High Deductible Health Plans
o   Minimum out-of-pocket limits remain the same at $1,200 and $2,400 for individuals and families, respectively
o   Maximum out-of-pocket limits increase from $5,950 to $6,050 for individuals and from $11,900 to $12,100 for families
·         Flexible Spending Accounts
o   No federal limits for 2012 but your employer may designate a limit
o   Federal limit of $2,500 beginning in 2013

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