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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
For 2015 retirement contribution limits many limits have slightly increased; thus, you may have opportunities to increase your retirement savings:
Type of limitation | 2014 Limit | 2015 Limit |
Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans | $17,500 | $18,000 |
Annual benefit for defined benefit plans | $210,000 | $210,000 |
Contributions to defined contribution plans | $52,000 | $53,000 |
Contributions to SIMPLEs | $12,000 | $12,500 |
Contributions to IRAs | $5,500 | $5,500 |
Catch-up contributions to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans | $5,500 | $6,000 |
Catch-up contributions to SIMPLEs | $2,500 | $3,000 |
Catch-up contributions to IRAs | $1,000 | $1,000 |
Other factors may affect how much you can contribute or how much your employer can contribute on your behalf. For example, income-based limits may reduce or even eliminate your ability to take advantage of IRAs. For more information on how to make the most of your tax-advantaged retirement-saving opportunities in 2015, please contact Doeren Mayhew’s tax advisors in Michigan and Houston.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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