Here are some numbers that tend to change every year or every few years. Most of these numbers will not change in 2010 because of the absence of inflation in the economy:
In cooperation with Collier, Sarner & Associates, Inc. (www.csanews.com). This is not tax advice. Please consult your own advisors.
2010 | 2009 | |
Annual Retirement Plan Participant Compensation Limit | $245,000 | $245,000 |
Annual Defined Contrib. Plan Participant Dollar Limit | 49,000 | 49,000 |
Annual Defined Contrib. Plan %-Of-Individual Pay Limit | 100% | 100% |
Annual Prof. Sharing %-Of-Total-Participant-Pay Limit | 25% | 25% |
Annual Defined Benefit Pension Plan Benefit Limit | 195,000 | 195,000 |
401(k) Employee Elective Deferral Limit | 16,500 | 16,500 |
401(k) Catch-Up Contrib. For Those Age 50 & Over | 5,500 | 5,500 |
SIMPLE Plan Employee Elective Deferral Limit | 11,500 | 11,500 |
SIMPLE Plan Catch-Up Contrib. For Those Age 50 & Over | 2,500 | 2,500 |
IRA (Roth & Traditional) Contribution Limit | 5,000 | 5,000 |
IRA (Both Types) Catch-Up Contrib. (Age 50 & Over) | 1,000 | 1,000 |
HSA Annual Contrib. Limit (Individual/Family) | 3,050/6,150 | 3,000/5,950 |
HSA Catch-Up Contrib. For Those Age 55 & Over | 1,000 | 1,000 |
Federal Lifetime Estate Tax Exclusion | Unlimited | 3.5M |
Federal Lifetime Gift Tax Exclusion | 1.0M | 1.0M |
Maximum Federal Estate & Gift Tax Rate | 0%E./35%G. | 45% |
Annual Gift Tax Exclusion for Per-Person Gifts | 13,000 | 13,000 |
Section 179 First-Year Depreciation Limit | 134,000 | 250,000 |
Social Security Taxable Wage Base | 106,800 | 106,800 |
Standard Deduction | 5,700/11,400 | 5,700/11,400 |
Keith Drayer is Vice President, Henry Schein Financial Services. Henry Schein Financial Services provides equipment, technology, practice start-up and acquisition financing services nationwide. Henry Schein Financial Services can be reached at 800-853-9493 or hsfs@henryschein.com.
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