Microsoft Word - Rates And Limits

Retirement Plan Contribution Limits 2009 PLAN

LIMIT

Defined Contribution Plan 401(k), 403(b), 457 Plan Traditional IRA*** Roth IRA*** SEP SIMPLE

$49,000 $16,500 $5,000 $5,000 $49,000 $11,500

2009 CATCH UP (50 & over) $5,500 $1,000 $1,000 $2,500

Traditional IRA Contribution Deduction Phase-outs Single Adjusted Gross Income

Married Adjusted Gross Income

Contribution Deductibility

$55,000 or less

$89,000 or less

100%

$55,001 - $65,000

$89,001 to $109,000

Partial

Over $65,000

Over $109,000

Not Deductible

Roth IRA Contribution Phase-outs Single Adjusted Gross Income $105,000

Married Adjusted Gross Income $166,000

Contribution Amount

$105,001 to $120,000

$166,001 to $176,000

Reduced

Over $120,000

Over $176,000

No Contribution Allowed

Maximum

Personal Exemptions, Standard Deductions, Itemized Deductions

Phase-out of Phase-out of Standard Personal Itemized Filing Status Deduction Exemptions Deductions Amount (AGI) (AGI) Begins at Begins at Single $3,500 $159,950 $5,450 $79,975 Head of Household $3,500 $199,950 $8,000 $159,950 Married Filing Joint $3,500 $239,950 $10,900 $156,400 Married Filing Single $3,500 $119,975 $5,450 $79,975 **All deductions and exemptions have increased from 2007 levels** Personal Exemption Amount

Earned Income and Social Security Benefits Reduction Retirement Age At or above full retirement age Under full retirement age In the year you reach full retirement age

Earnings Limit

Reduction of Benefits

No Limit No Reduction $13,560 $1 for every $2 over the limit $36,120 $1 for every $3 over the limit until the month you reach full retirement age

**Full retirement age for those born in 1943 is 66 and increases gradually each year until it reaches age 67 for people born in 1960 or later

2008 Mileage Rates January 1, 2008 June 30, 2008 Business: $.505 per mile Medical/Moving: $.19 per mile Charity: $.14 per mile

July 1, 2008 December 31, 2008 $.585 per mile $.270 per mile $.14 per mile (no change)