TAX TIP OF THE MONTH

Retirement Plan Contribution Limits

 

 

Tax Year             __Due Date_       Contribution Limit

 

For Conventional and Roth IRA’s:

  2001                       4/15/2002            $2,000

  2002                       4/15/2003              3,000

  2003                        4/15/2004            3,000

  2004                        4/15/2005            3,000

  2005                        4/15/2006            4,000

 

For SIMPLE IRA’s (Employee Contributions):

  2001                        12/31/2001*        6,500

  2002                        12/31/2002*        7,000

  2003                        12/31/2003*        8,000

  2004                        12/31/2004*        9,000

  2005                       12/31/2005*         10,000

 

For 401(k) Plans (Employee Contributions):

  2001                        12/31/2001          6,500

  2002                        12/31/2002          7,000

  2003                        12/31/2003          8,000

  2004                        12/31/2004          9,000

  2005                       12/31/2005          10,000

 

*For self-employed individuals, SIMPLE Plan contributions and matching are due by the tax-filing deadline including extensions.

 

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