IRS Announces 2013 Limits 10/28/12

10-25-2012 | IRS

Taxpayers may contribute up to $17,500 to their 401(k) and 403(b) plans in 2013.

10-18-2012

WASHINGTON – The IRS announced the 2013 pension plan limitations.  Changes include increasing the annual compensation limit under 401(a)(17) from $250,000 to $255,000 and increasing the elective deferral limit for 403(b), 401(k), and most 457 plans from $17,000 to $17,500. 

Other limits changing for 2013 include:

Contributions to an individual IRA: $5,500
Annual benefit limit in a defined benefit plan (Section 415(b) limit): $205,000
Limit on additions to a defined contribution plan (Section 415(c) limit): $51,000

The complete announcement can be found here:  http://www.irs.gov/uac/2013-Pension-Plan-Limitations