Posted:
December 31, 2009
The Internal Revenue Service has announced cost-of-living adjustments for pension benefits and retirement accounts for tax year 2010.
401k Contributions: The annual contribution limits to 401(k) accounts will remain at $16,500 for 2010. Additionally, catch-up contributions will remain at $5,500, so individuals who will be 50 or older in 2010 may contribute a maximum of $22,000 in 2010.
Roth IRA: The adjusted gross income limitation for determining the maximum annual Roth IRA contribution for married taxpayers filing a joint return, or taxpayers filing as a qualifying widow(er), will increase to $167,000 from the current figure of $166,000. For all other taxpayers (other than married taxpayers filing separate returns), the adjusted gross income limitation will remain at $105,000.
The IRS bulletin includes adjusted limitations applying to other pension and retirement benefits. The complete bulletin (IR-2009-94) is available on the Internal Revenue Service’s Web site.
IRS announces cost-of-living adjustments for retirement accounts for 2010
The Internal Revenue Service has announced cost-of-living adjustments for pension benefits and retirement accounts for tax year 2010.
401k Contributions: The annual contribution limits to 401(k) accounts will remain at $16,500 for 2010. Additionally, catch-up contributions will remain at $5,500, so individuals who will be 50 or older in 2010 may contribute a maximum of $22,000 in 2010.
Roth IRA: The adjusted gross income limitation for determining the maximum annual Roth IRA contribution for married taxpayers filing a joint return, or taxpayers filing as a qualifying widow(er), will increase to $167,000 from the current figure of $166,000. For all other taxpayers (other than married taxpayers filing separate returns), the adjusted gross income limitation will remain at $105,000.
The IRS bulletin includes adjusted limitations applying to other pension and retirement benefits. The complete bulletin (IR-2009-94) is available on the Internal Revenue Service’s Web site.