Update on Pension Plans for 2013

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The IRS Announces Major Changes

By Children’s Home Society of Florida Foundation

In IR 2012 77 (18 Oct 2012), the IRS announced multiple pension adjustments for 2013:

1. Elective Deferral – An individual with a 401(k) or 403(b) plan may defer income up to $17,500.

2. Catch-Up Contributions – Individuals age 50 and older may contribute an additional amount of $5,500 to a 401(k) or 403(b).

3. IRA Phase-Out – Contributions to a traditional IRA are phased out for individuals with a workplace retirement plan and modified adjusted gross incomes from $59,000 to $69,000. For married couples where the contributing spouse is covered by a workplace retirement plan, the phase-out range is $95,000 to $115,000. If the married couple IRA owner is not covered by a workplace plan, the phase-out range is $178,000 to $188,000.

4. Roth IRA Contributions – Taxpayers who are married may make Roth IRA contributions with a phase-out AGI of $178,000 to $188,000. Singles and heads of household have a phase-out range of $112,000 to $127,000.

Conclusion

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One Response

  1. Cities with Higher Unfunded Liabilities for Retiree Health Than Pensions (Health Care/Pensions)

    1. Austin, TX $1,036/$949
    2. Baltimore, MD $2,397/$678
    3. Boston, MA $4,554/$1,242
    4. Bridgeport, CT $862/$206
    5. Charlotte, NC $174/$79
    6. Columbia, SC $162/$112
    7. Detroit, MI $4,977/$553
    8. Fort Worth, TX $995/$432
    9. Honolulu, HI $1,885/$955
    10. Houston, TX $3,096/$2,252
    11. Indianapolis, IN $140/$74
    12. Jersey City, NJ $908/$443
    13. Memphis, TN $1,824/$563
    14. Milwaukee, WI $960/$-545
    15. Nashville, TN $1,779/$43

    Source: Pew Center on the States

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