{"id":6368,"date":"2011-10-22T15:22:12","date_gmt":"2011-10-22T19:22:12","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=6368"},"modified":"2011-10-23T15:22:21","modified_gmt":"2011-10-23T19:22:21","slug":"irs-announces-2012-retirement-plan-contribution-and-compensation-limitations","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2011\/10\/irs-announces-2012-retirement-plan-contribution-and-compensation-limitations\/","title":{"rendered":"IRS Announces 2012 Retirement Plan Contribution and Compensation Limitations"},"content":{"rendered":"<div class=\"img alignright size-medium wp-image-6369\" style=\"width:200px;\">\r\n\t<a href=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2011\/10\/20111022.jpg\"><img src=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2011\/10\/20111022-200x300.jpg\" alt=\"IRS Announces 2012 Retirement Plan Contribution and Compensation Limitations\" width=\"200\" height=\"300\" \/><\/a>\r\n\t<div>IRS Announces 2012 Retirement Plan Contribution and Compensation Limitations<\/div>\r\n<\/div>In <a href=\"https:\/\/old.visionpayroll.com\/kb\/wp-content\/uploads\/2011\/10\/ir-2011-103.pdf\" target=\"_blank\">IR-2011-103<\/a>, the Internal Revenue Service (IRS) announced that for 2012 the compensation limitation will increase from $245,000 to $250,000 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).<\/p>\n<p><strong>2012 Contribution Limit Also Increases<\/strong><\/p>\n<p>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 will\u00a0increase from $49,000 to $50,000. This limit does not include the age 50 and over catch-up contribution of $5,500 when applicable; therefore the total limitation for eligible taxpayers age 50 or over in qualifying plans will be $55,500.<\/p>\n<p><strong>Contact Vision Payroll for More Information on 2012 Retirement Plan Changes<\/strong><\/p>\n<p>Contact <a href=\"mailto:info@visionpayroll.com\" target=\"_blank\">Vision Payroll<\/a> if you have questions on changes to the 2012 Retirement Plan Contribution and Compensation Limitations or get further information at <a href=\"https:\/\/old.visionpayroll.com\/kb\/important-facts-and-figures\/\" target=\"_blank\"><span style=\"color: #800080;\">Important Facts and Figures<\/span><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IRS Announces 2012 Retirement Plan Contribution and Compensation Limitations In IR-2011-103, the Internal Revenue Service (IRS) announced that for 2012 the compensation limitation will increase from $245,000 to $250,000 under \u00a7401(a)(17), \u00a7404(l), \u00a7408(k)(3)(C), and \u00a7408(k)(6)(D)(ii) of the Internal Revenue Code of 1986 (IRC). 2012 Contribution Limit Also Increases The contribution limit under IRC \u00a7415(c)(1)(A) for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[1199,1676,445,447,448,1379,1677,418,443,452,321,1675],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/6368"}],"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=6368"}],"version-history":[{"count":2,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/6368\/revisions"}],"predecessor-version":[{"id":6373,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/6368\/revisions\/6373"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=6368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=6368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=6368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}