11/02/2009
IRS Announces Contribution Limits for 2010
The IRS recently released the 2010 dollar limits for qualified annuities.
This information is provided for informational purposes to The Standard’s clients and is not intended as legal advice.
| Item | IRC Reference | 2009 Limit | 2010 Limit |
|---|---|---|---|
| 403(b) Employee Deferral1 | 402(g)(1) | $16,500 | $16,500 |
| 457 Employee Deferral | 457(e)(15) | $16,500 | $16,500 |
| Age-50 Catch-up Contribution for 403(b), 401(k) and 4572 | 414(v)(2)(B)(i) | $5,500 | $5,500 |
| 15-Year Catch-Up Allowance Exclusive to 403(b)3 | 402(g)(7) | $3,000 | $3,000 |
| IRA Contribution4 | 219(b)(5)(A) | $5,000 | $5,000 |
| IRA Catch-Up Contribution4 | 219(b)(5)(B) | $1,000 | $1,000 |
1 Employee deferrals to all 401(k) and 403(b) plans must be aggregated for purposes of this limit.
2 For 2010, contributions made under the 402(g) limit and the 402(g)(7) catch-up provision for 403(b) tax-sheltered annuities cannot exceed $19,500.
3 Employees with 15 or more years of service with the same employer may be eligible to contribute an additional $3,000 per year beyond the IRC Section 402(g) limit for up to 5 years or a lifetime maximum of $15,000.
4 Limit applies to both traditional and Roth IRAs.
