Retirement Plan Limits for 2010
Tuesday October 27, 2009
The maximum dollar amounts that can be contributed to various types of retirement plans will remain the same for 2010, according to an announcement from the Internal Revenue Service.
The 2010 retirement plan limits will be as follows:
- Traditional or Roth IRA: $5,000 ($6,000 if age 50 or older)
- SEP IRA: $49,000
- SIMPLE IRA: $11,500 ($14,000 if age 50 or older)
- 401(k) plan: $16,500 ($22,000 if age 50 or older)
- 403(b) plan: $16,500 ($22,000 if age 50 or older)
- 457 plan: $16,500 ($22,000 if age 50 or older)
- Defined Contribution Pension: $49,000
- Defined Benefit Pension: $195,000
Note that if you fund both a traditional and Roth IRA, your total contribution to cannot exceed $5,000 combined (or $6,000 if age 50 or older). Also, SEP IRA contributions are calculated on an IRS worksheet. Your maximum contribution may be less than $49,000.
William,
If I qualify for the foreign income exclusion by meeting the physical presence test, am I considered a part year resident of the state that I live? Are there different rules for different states?