Annual Limits Relating to Financial Planning
2005
| Traditional and Roth IRAs | |
| Traditional and Roth IRA Contribution Limit | $4,000 |
| Traditional and Roth IRA Catch-Up Contribution | $500 |
| IRA deduction Phaseout for Active Participants Single Married filing jointly | $50,000 - $60,000 $70,000 - $80,000 |
| IRA Deduction Phaseouts for Spousal contributions Married filing jointly | $150,000 - $160,000 |
| Roth IRA Contribution Phaseout Single Married filing jointly Married filing separately | $95,000 - $110,000 $150,000 - $160,000 $0 - $10,000 |
| Roth IRA Conversion Phaseout Single Married filing jointly Married filing separately | $100,000 $100,000 ineligible |
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| Employer Retirement Plans | |
| Elective deferrals for 401(k), 403(b), 457 and SAR-SEPs | $14,000 |
| 401(k), 403(b), 457 and SAR-SEP Catch-Up Contribution | $4,000 |
| Defined Contribution Plan Limit | $42,000 |
| SEP IRA Contribution | $42,000 |
| Maximum Annual Defined Benefit Limit | $170,000 |
| SIMPLE IRA and SIMPLE 401(k) Contribution | $10,000 |
| SIMPLE IRA and SIMPLE 401(k) Catch-Up Contribution | $2,000 |
| Maximum Includable Compensation | $210,000 |
| Highly Compensated Employee | $95,000 |
| Key Employee | $135,000 |
| SEP Minimum Earnings Limit | $450 |
| PBGC maximum Monthly Benefit | $3,801.14 |
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| Federal Income Taxes | |
| Personal exemption | $3,200 |
| Phaseout of personal exemption Single Married filing jointly Head of Household Married filing separately | $145,950 $218,950 $182,450 $109,450 |
| Standard Deduction Single Married filing jointly Head of Household Married filing separately | $5,000 $10,000 $7,300 $5,000 |
| Elderly or blind additional deduction Single Married | $1,250 $1,000 |
| Phaseout of itemized deductions | $145,950 |
| Kiddie tax standard deduction | $800 |
| Deduction for self-employed health insurance premiums | 100% |
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| Federal Estate and Gift Taxes | |
| Annual Gift Tax Exclusion | $11,000 |
| Estate Tax Exclusion | $1,500,000 |
| Generation-Skipping Tax Exclusion | $1,500,000 |
| Federal Gift Tax Exclusion | $1,000,000 |
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| Education Funding Incentives | |
| Coverdell Education Savings Account Contribution | $2,000 |
| Phaseout for Education Savings Accounts Single married filing jointly | $95,000 - $110,000 $190,000 - $220,000 |
| Phaseout of exclusion for EE bonds Single married filing jointly | $61,200 - $76,200 $89,750 - $119,750 |
| Phaseout of Hope Scholarship and Lifetime Learning Tax Credits Single married filing jointly | $43,000 - $52,000 $87,000 - $107,000 |
| Phaseout of Deductibility of Student Loan Interest Single married filing jointly | $50,000 - $65,000 $105,000 - $135,000 |
| Phaseout of Deduction for Higher Education Expenses Single married filing jointly | $65,000 $130,000 |
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| Social Security | |
| Taxable Wage Base | $90,000 |
| Social Security Tax Rate Old-Age, Survivors and Disability Insurance Hospital Insurance Total | 12.40% 2.90 15.30% |
| Earnings limitations for Social Security Benefits Age 62 through 64 Year of Attainment of Age 65 | $12,000 $31,800 |
| Cost of living adjustment | 2.7% |
| Quarter of coverage | $920 |
| Maximum benefit: retiring at age 65 | $1,939 |
| Back | |
| Medicare | |
| Monthly premium: Part A/Part B | $375/$78.20 |
| Part A coverage First 60 days patient paid deductible Next 30 days patient pays per day Next 60 days patient pays per day Over 150 days patient pays per day | $912 $228 $456 All costs |
| Part B coverage Deductible Coinsurance | $110 20% |
| Skilled Nursing Benefits First 20 days patient pays per day Next 80 days patient pays per day Over 100 days patient pays per day | $0 $114 All costs |
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| Long Term Care Insurance | |
| Per diem daily limit | $240 |
| Premium as a deductible medical expense limitation Age 40 or under Age 41 - 50 Age 51 - 60 Age 61 - 70 Age 71 or older | $270 $510 $1,020 $2,720 $3,400 |
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