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What's New for 2005?
- Individual Retirement Arrangements (IRAs) |
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Important Changes for 2005 -
Tax Sheltered Annuity Plans (403(b)
Plans):
Limit on elective deferrals. For
2005, the limit on elective deferrals has been increased from $13,000
to $14,000.
Limit on annual additions. For
2005, the limit on annual additions has been increased from $41,000 to
$42,000.
Catch-up contributions for persons
age 50 or over. If you will be age 50 or
over by the end of 2004, you may be permitted to make additional
catch-up contributions of up to $4,000 to your 403(b) plan for 2005.
Proposed Income Tax
Regulations pertaining to tax-sheltered annuities within the meaning
of section 403(b) of the Internal Revenue Code were issued on November
16, 2004. Generally, when finalized, these regulations will be
effective for taxable years beginning after December 31, 2005. The
Proposed Regulations, REG-155608-02, 2004-49 I.R.B 924 are available
at
www.irs.gov.
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Important Changes for
2004 - Individual Retirement Arrangements (IRAs)
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Important Changes for 2004 -
Tax-Sheltered Annuity Plans (403(b)
Plans):
Limit on elective deferrals. For 2004, the limit
on elective deferrals has been increased from $12,000 to $13,000.
Catch-up contributions for persons age 50 or over. If
you will be age 50 or over by the end of 2004, you may be permitted to
make additional catch-up contributions
of up to $3,000 to your 403(b) plan for 2004.
Limit on annual additions. For 2004, the limit on
annual additions has been increased from $40,000 to $41,000.
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Important
Changes for 2003 - Individual Retirement Arrangements (IRAs)
Important Changes for 2003 - Tax-Sheltered Annuity Plans
(403(b) Plans):
Limit on elective deferrals. For 2003, the limit on
elective deferrals has been increased from $11,000 to $12,000.
See chapter 4.
Catch-up contributions for persons age 50 or over.
If you will be age 50 or over by the end of 2003, you may be
permitted to make additional catch-up contributions
of up to $2,000 to your 403(b) plan for 2003.
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