{"id":183,"date":"2008-10-21T09:40:07","date_gmt":"2008-10-21T13:40:07","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=183"},"modified":"2010-10-08T14:22:57","modified_gmt":"2010-10-08T18:22:57","slug":"irs-announces-increase-in-2009-retirement-plan-contribution-and-compensation-limitations","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2008\/10\/irs-announces-increase-in-2009-retirement-plan-contribution-and-compensation-limitations\/","title":{"rendered":"IRS Announces Increase in 2009 Retirement Plan Contribution and Compensation Limitations"},"content":{"rendered":"<p><span style=\"font-size: 10pt; font-family: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;\">In <a href=\"http:\/\/www.irs.gov\/newsroom\/article\/0,,id=187833,00.html\" target=\"_blank\">IR-2008-118<\/a>, the Internal Revenue Service (IRS) announced an increase for 2009 in the compensation limitation from $230,000 to $245,000 under <a href=\"http:\/\/frwebgate.access.gpo.gov\/cgi-bin\/getdoc.cgi?dbname=browse_usc&amp;docid=Cite:+26USC401\" target=\"_blank\">\u00a7401(a)(17)<\/a>, <a href=\"http:\/\/frwebgate.access.gpo.gov\/cgi-bin\/getdoc.cgi?dbname=browse_usc&amp;docid=Cite:+26USC404\" target=\"_blank\">\u00a7404(l)<\/a>, <a href=\"http:\/\/frwebgate.access.gpo.gov\/cgi-bin\/getdoc.cgi?dbname=browse_usc&amp;docid=Cite:+26USC408\" target=\"_blank\">\u00a7408(k)(3)(C)<\/a>, and <a href=\"http:\/\/frwebgate.access.gpo.gov\/cgi-bin\/getdoc.cgi?dbname=browse_usc&amp;docid=Cite:+26USC408\" target=\"_blank\">\u00a7408(k)(6)(D)(ii)<\/a> of the Internal Revenue Code of 1986 (IRC). The contribution limit under <a href=\"http:\/\/frwebgate.access.gpo.gov\/cgi-bin\/getdoc.cgi?dbname=browse_usc&amp;docid=Cite:+26USC415\" target=\"_blank\">IRC \u00a7415(c)(1)(A)<\/a> for defined contribution plans also increased from $46,000 to $49,000. This limit does not include the age 50 and over catch-up contribution when applicable, thereby increasing the total limitation for eligible taxpayers in qualifying plans from $51,000 to $54,500. Contact <a href=\"mailto:info@visionpayroll.com\" target=\"_blank\">Vision Payroll<\/a> if you have questions on changes to the 2009 <\/span><span style=\"font-size: 10pt; color: #000000; font-family: Verdana; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;\">Retirement Plan Contribution and Compensation Limitations<\/span><span style=\"font-size: 10pt; font-family: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In IR-2008-118, the Internal Revenue Service (IRS) announced an increase for 2009 in the compensation limitation from $230,000 to $245,000 under \u00a7401(a)(17), \u00a7404(l), \u00a7408(k)(3)(C), and \u00a7408(k)(6)(D)(ii) of the Internal Revenue Code of 1986 (IRC). The contribution limit under IRC \u00a7415(c)(1)(A) for defined contribution plans also increased from $46,000 to $49,000. This limit does not include [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[451,445,446,447,448,1379,450,418,443,452,321,422],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/183"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=183"}],"version-history":[{"count":3,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/183\/revisions"}],"predecessor-version":[{"id":4163,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/183\/revisions\/4163"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}