IRS Posts 2016 Qualified Plan Inflation Adjusted Amounts
The IRS announced in News Release IR-2015-118 the inflation adjusted limitations imposed on qualified plans for 2016. Aside from the Roth phase-out levels, the other items noted below are not changed from their 2015 amounts.
|
Type |
2016 Amounts |
2015 Amounts |
|
Maximum annual benefit-DB Plan (§415) |
$ 210,000 |
$ 210,000 |
|
Contribution limit DC Plan (§415) |
53,000 |
53,000 |
|
Annual Compensation Limit (§404(l)) |
265,000 |
265,000 |
|
Catch up Contributions to Employer Plan |
6,000 |
6,000 |
|
Elective Deferrals (§402(g)) |
18,000 |
18,000 |
|
Highly Compensated Employee (§414(q)) |
120,000 |
120,000 |
|
Key Employee Compensation (§416(i)) |
170,000 |
170,000 |
|
SIMPLE Deferral Limitation (§408(p)) |
12,500 |
12,500 |
|
SIMPLE Catch Up Contribution (414(v)(2)(B)) |
3,000 |
3,000 |
|
SEP Compensation Limit (§408(k)) |
600 |
600 |
|
Roth IRA Maximum Contribution Phaseout Begins: |
|
|
|
Married
filing joint |
184,000 |
183,000 |
|
Other except married filing separate |
117,000 |
116,000 |