{"id":723,"date":"2011-10-21T00:52:06","date_gmt":"2011-10-21T04:52:06","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=723"},"modified":"2011-10-21T00:52:06","modified_gmt":"2011-10-21T04:52:06","slug":"2012-retirement-plan-limits","status":"publish","type":"post","link":"https:\/\/therosenbaumlawfirm.com\/blog\/?p=723","title":{"rendered":"2012 Retirement Plan Limits"},"content":{"rendered":"<p>The Internal Revenue Service (IRS) announced cost of living adjustments (COLA) affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged.<\/p>\n<p>Here are highlights from the IRS press release:<\/p>\n<ul>\n<li>The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government\u2019s Thrift Savings Plan is increased from $16,500 to $17,000.<\/li>\n<li>The catch-up contribution limit for those aged 50 and over remains unchanged at $5,500.<\/li>\n<li>The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $58,000 and $68,000, up from $56,000 and $66,000 in 2011. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $92,000 to $112,000, up from $90,000 to $110,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple\u2019s income is between $173,000 and $183,000, up from $169,000 and $179,000.<\/li>\n<li>The AGI phase-out range for taxpayers making contributions to a Roth IRA is $173,000 to $183,000 for married couples filing jointly, up from $169,000 to $179,000 in 2011. For singles and heads of household, the income phase-out range is $110,000 to $125,000, up from $107,000 to $122,000. For a married individual filing a separate return who is covered by a retirement plan at work, the phase-out range remains $0 to $10,000.<\/li>\n<li>The AGI limit for the saver\u2019s credit (also known as the retirement savings contributions credit) for low-and moderate-income workers is $57,500 for married couples filing jointly, up from $56,500 in 2011; $43,125 for heads of household, up from $42,375; and $28,750 for married individuals filing separately and for singles, up from $28,250.<\/li>\n<\/ul>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>The Internal Revenue Service (IRS) announced cost of living adjustments (COLA) affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase &hellip; <a href=\"https:\/\/therosenbaumlawfirm.com\/blog\/?p=723\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,1],"tags":[],"_links":{"self":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/723"}],"collection":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=723"}],"version-history":[{"count":1,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/723\/revisions"}],"predecessor-version":[{"id":724,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/723\/revisions\/724"}],"wp:attachment":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}