T11F-Chp-15-Inflation adjustments for pension plans for 2011

T11F-Chp-15-Inflation adjustments for pension plans for...

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WK_ Standard Federal Income Tax Reporter 2011 Internal Revenue Service Notice 2010-78 Dec 2 2010.pdf ©2011 Wolters Kluwer. All rights reserved. 1 Standard Federal Income Tax Reporter (2011), Notice 2010-78, (Dec. 2, 2010) Click to open document in a browser Notice 2010-78, I.R.B. 2010-49, December 2, 2010. (2010(19) CCH ¶46,524.) [ Code Sec. 25B ] Retirement plans: Retirement savings contribution credit: Dollar limitations: Cost-of-living adjustments.– Cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement- related provisions have been released by the IRS, effective January 1, 2011. The AGI phase-out ranges for the retirement savings contributions credit have increased slightly. The AGI limit for the saver’s credit is $56,500 for joint filers, $42,375 for heads of household, and $28,250 for married individuals filing separately and single filers. Back references: ¶3838.03 , ¶3838.07 and ¶3838.25 . [ Code Sec. 61 ] Retirement plans: Fringe benefit plans: Dollar limitations: Cost-of-living adjustments.– Cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement- related provisions have been released by the IRS, effective January 1, 2011. The compensation amounts under Reg. §1.61-21(f)(5)(i) concerning the definition of "control employee" for fringe benefit valuation purposes remains unchanged at $95,000. The compensation amount under Reg. §1.61-21(f)(5)(iii) remains unchanged at $195,000. Back references: ¶5907.032 , ¶5907.044 and ¶5907.27 . [ Code Sec. 219 ] Retirement plans: Individual retirement arrangements: Fringe benefit plans: Dollar limitations: Cost- of-living adjustments.– Cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement- related provisions have been released by the IRS, effective January 1, 2011. The applicable dollar amount under Code Sec. 219(g)(3)(B)(i) used to determine the amount of reduction for the limitation on deductions for taxpayers who are active participants and for spouses who are not active participants in certain pension plans has been adjusted. The applicable amount for taxpayers filing a joint return is $90,000. If the taxpayer's spouse is not an active participant the applicable amount for the spouse is increased from $167,000 to $169,000. The applicable dollar amount for all other taxpayers, except for married taxpayers filing separately, remains unchanged at $56,000. Back reference: ¶12,662.01 . [ Code Sec. 401 ] Retirement plans: Individual retirement arrangements: Fringe benefit plans: Dollar limitations: Cost- of-living adjustments.– Cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS, effective January 1, 2011. The annual compensation limit under Code Secs. 401(a)(17) , 404(l) , 408(k)(3)(C) and 408(k)(6)(D)(ii) remains unchanged at $245,000. The annual compensation limitation under
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This note was uploaded on 03/09/2012 for the course ACCT 4220 taught by Professor Burton during the Spring '08 term at UNC Charlotte.

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T11F-Chp-15-Inflation adjustments for pension plans for...

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