Tax Center

Text size: 


Contribution limits for retirement accounts

Annual contribution limits for retirement savings accounts for 2013, as established by the Internal Revenue Service, are listed below.

Note: The Social Security Taxable Wage Base—the maximum compensation on which Social Security taxes are withheld is $117,000 in 2014.

Provision 2013 2014
Maximum annual IRA contribution (under age 50) $5,500 $5,500
Maximum annual IRA contribution (age 50 or over) $6,500 $6,500
Maximum annual 401(k), 403(b), or 457 salary-deferral limit (under age 50) $17,500 $17,500
Maximum annual 401(k), 403(b), or 457 salary-deferral limit (age 50 or over)* $23,000 $23,000
Maximum annual additions limit under defined contribution plan $51,000 $52,000
Maximum includible compensation for computing contributions $255,000 $260,000
Maximum SIMPLE salary-deferral limit (under age 50) $12,000 $12,000
Maximum SIMPLE salary-deferral limit (age 50 or over) $14,500 $14,500
Minimum annual compensation for determining a "highly compensated" employee (used in 401(k) nondiscrimination tests) $115,000 $115,000
Minimum annual compensation amount for SEP participation $550 $550

* Only 457(b) plans of state and local governments may allow catch-up contributions for participants who are aged 50 or older. Some plans also allow Special 457(b) catch-up contributions. Refer to your plan details for further information.

PrintComment | E‑mail | Share