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December 8, 2011December Tax Tip: 2012 Pension Plan Limits
New cost-of-living adjustments apply next year.
The IRS has announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for 2012. These include the following:
- The limitation for defined contribution plans is $50,000.
- The exclusion for elective deferrals is $17,000.
- The limitation used in the definition of highly compensated employees is $115,000.
- The dollar limitation for catch-up contributions to an applicable employer plan for individuals aged 50 or over remains unchanged at $5,500.
For more help with 2011 tax filings and 2012 tax questions, check out the 2012 Church & Clergy Tax Guide.
Richard R. Hammar is an attorney, CPA, and author specializing in legal and tax issues for churches and clergy. He is the author of the 2012 Church and Clergy Tax Guide.
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