2007 IRS Limits Announced
By Gary Kushner, SPHR, CBP
President, Kushner & Company
Item
2006 Limit2007 Limit
Retirement and Social Security
Section 401(k) elective deferrals
$ 15,000
$ 15,500
Section 403(b) elective deferrals
15,000
15,500
Section 457(b)(2) elective deferrals
15,000
15,500
401(k) or 403(b) "catch up" contributions
5,000
5,000
SIMPLE elective deferrals
10,000
10,500
Section 415 - Defined contribution plan maximum
44,000
45,000
Section 415 - Defined benefit plan maximum
175,000
180,000
Section 414(q)(1)(B) - Highly compensated employee
definition
100,000
100,000
Section 416 - Key employee definition
140,000
145,000
Section 401(a)(17) - Maximum includible
compensation
220,000
225,000
FICA Taxable Wage Base (6.20%)
94,200
97,500
Medicare Taxable Wage Base (1.45%)
Unlimited Unlimited
Health Savings Accounts (adjusted by the Tax Relief and Health Care Act
of 2006)
Annual contribution limit - Individual
2,700
2,850
Annual contribution limit - Family
5,450
5,650
Annual catch-up contribution limit (age 55 to 65)
700
800
Minimum deductible for HDHP - Individual
1,050
1,100
Minimum deductible for HDHP - Family
2,100
2,200
Maximum out-of-pocket for HDHP - Individual
5,250
5,500
Employee Benefits
Consulting and Administration to Fit Your Organization's Needs
Maximum out-of-pocket for HDHP - Family
10,500
11,000
Miscellaneous
Adoption credit (phases out based on AGI)
10,960
11,390
Transportation monthly benefit - Transit and
vanpooling
105
110
Transportation monthly benefit - Parking
205
215
Benefit articles are provided as a service by Kushner & Company for the exclusive use of our
clients and subscribers. From our highly trained, knowledgeable staff to our leading edge
technology systems, Kushner & Company's comprehensive employee benefits services guarantee
our clients ease and excellence. If you would like to speak to someone about a Strategic
Employee Benefit Review for your organization, please contact your Employee Benefit Specialist
at info@kushnerco.com or 800-KUSHNER, ext. 219.
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Strategic Benefit Reviews
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漏2006 Kushner & Company
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