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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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Filed under: iMBA, Inc. | Tagged: IRS, Pension Plans in 2013, Roth IRA |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
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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2018 Update
Rich professionals are using pension plans as a tax dodge:
http://www.msn.com/en-us/money/markets/rich-professionals-are-using-pension-plans-as-a-tax-dodge/ar-BBLX7jl?li=BBnbfcN
Peyton
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