Page 21 - 2021 Taxes Quick Guide_01

Retirement Plan Limits

This is the sample dummy text insert your desired text here because this is the dummy text

Maximum 01 IRA 04

Maximum 401(k) plan effective IRA contribution limit: $6,000 (plus
deferral: $19,500 (plus $6,500 catch-up $1,000 catch-up for age 50+)
for age 50+).
Roth IRA 05

Defined 02 IRA deduction phaseout for active participant
in a workplace retirement plan: MAGI from
Defined benefit plan maximum $104,000 to $124,000 (married filing jointly);
benefit: $230,000. $65,000 to $75,000 (single taxpayers and
heads of household); $0 to $10,000 (married
filing separately); $196,000 to $206,000
(individual who is not an active participant in a
workplace retirement plan whose spouse is an
Contribution 03 active participant in a workplace retirement
plan).
Defined contribution plan contribution Roth IRA contribution limit: $6,000 (plus
limit: $57,000 or 100% of $1,000 catch-up for age 50+).
compensation, whichever is less. Roth IRA contribution limit phaseout (MAGI):
$196,000 to $206,000 (married filing jointly);

SEP 06 $124,000 to $139,000 (single and heads of
household): $0 to $10,000 (married filing
separately).
SEP minimum required compensation:
$600; compensation limit for
determining maximum allowable
contributions by employer: $285,000.