Retirement Plan Dollar Limits Increase for 2009

by Ted

From the IRS web site IR-2008-118, Oct. 16, 2008 – The Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2009. Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. In addition, section 415 requires […]

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Social Security wage base rises to $106,800 for 2009

by Ted

Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. The same annual limit also applies when those earnings are used in a benefit computation. This limit increases each year with increases in the national average wage index. We call this annual limit the […]

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