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Showing posts with label SEP. Show all posts
Showing posts with label SEP. Show all posts

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