November 19, 2009
Previously published on November 16, 2009
Social Security Taxable Wage Base for 2010
The Social Security Administration recently announced that the maximum amount of earnings subject to Social Security tax during 2010 will remain unchanged at $106,800.
Retirement Plan Dollar Limitations for 2010
The Internal Revenue Service recently announced that the dollar limits that apply to retirement plans will remain unchanged during 2010. Therefore, the following 2009 dollar limits will continue to apply during 2010:
Elective Deferral Limit for 401(k), 403(b) and 457 Plans: $16,500
Catch-Up Contribution Limit for 401(k), 403(b) and 457 Plans: $5,500
Maximum Compensation Limit for Qualified Retirement Plans: $245,000
Annual Additions Limit for Defined Contribution Plans: $49,000
Annual Benefit Limit for Defined Benefit Plans: $195,000
Annual Compensation for Classification of Highly Compensated Employees: $110,000
Annual Compensation for Classification of a Key Employee: $160,000
HSA Dollar Limitations for 2010
The Internal Revenue Service also recently announced increases in the dollar limits that apply to HSAs in 2010:
Annual HSA Contribution Limit
2009 Limit: $3,000 for self-only ($5,950 for family) HDHP coverage
2010 Limit: $3,050 for self-only ($6,150 for family) HDHP coverage
HSA Catch-Up Contribution Limit (for individuals age 55 or older)
2009 Limit: $1,000
2010 Limit: $1,000 (unchanged)
Minimum Annual HDHP Deductible
2009 Limit: $1,150 for self-only ($2,300 for family) HDHP coverage
2010 Limit: $1,200 for self-only ($2,400 for family) HDHP coverage
Maximum HDHP Out-of-Pocket Expense Limit
2009 Limit: $5,800 for self-only ($11,600 for family) HDHP coverage
2010 Limit: $5,950 for self-only ($11,900 for family) HDHP coverage
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