Sunday, January 29, 2012

New in 2012: The limit on elective deferrals is increasing from $16,500 to $17,000.

What's New for 2012

Retirement savings contributions credit. For 2012, the adjusted gross income limitations have increased from $56,500 to $57,500 for married filing jointly filers, from $42,375 to $43,125 for head of household filers, and from $28,250 to $28,750 for single, married filing separately, or qualifying widow(er) with dependent child filers. See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information.

Limit on elective deferrals. For 2012, the limit on elective deferrals has increased from $16,500 to $17,000.

Limit on annual additions. For 2012, the limit on annual additions has increased from $49,000 to $50,000.

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