| What are the new Indexed Contribution & Benefit Limits for Qualified Plans for 2008?
Here are both the Contributions and Benefit limits for the tax year 2008 along with the changes if any from the prior year.
A. Type of Plan 2008
1. Individual Retirement Accounts (IRAs)-$5,000 up from $4,000 from 2007.
2. Section 401(k) and Section 403(b)plans-$15,500, unchanged from prior year.
3. Section 408(p)(2)(E) SIMPLE contributions-$10,500, unchanged from prior year.
4. Section 457(b)(2) limit-$15,500, unchanged from prior year.
5. Section 415 limit for Defined contribution plans-$46,000 up from $45,000 from 2007.
6. Defined benefit plans-$185,000 up from $180,000 from 2007.
7. Highly compensated employees Section 414(q)-$105,000 up from $100,000 from 2007.
8. Section 415 compensation limit for defined contribution plans-$230,000 up from $225,000 for 2007.
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