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The most popular Pension plans for small business owners are 401(k) plans, simple 401(k) plans and simple IRA plans.
All pension contributions are based on earned income (income subject to social security and medicare taxes).
Contribution Limits for 2018
| Payroll Deduction | Catch-Up | Company | |
| 401(k), 403(b), 457 | $18,500 | $6,000 | 25% of salary |
| Simple 401(k) | $12,500 | $3,000 | 3% match 2% for all |
| Simple IRA | $12,500 | $3,000 | 3% match 2% for all |
Contributions are allowed past age 70.5 for Roth IRA
| Regular | Catch-Up | |
| Roth IRA | $5,500 | $1,000 |
| Roth Phase-Out Ranges | ||
| Single | $120,000 | $135,000 |
| Married | $189,000 | $199,000 |
Contributions NOT allowed past age 70.5 for IRA
| Regular | Catch-Up | |
| IRA | $5500 | $1,000 |
| Filing Status | Full Deduction | Phase-Out | No Deduction |
| Traditional IRA if covered by a Plan at Work | |||
| Single, Head of Household | $63,000 or less | $63,000-$73,000 | $73,000 or more |
| Married Filing Jointly | $101,000 or less | $101,000-$121,000 | $121,000 or more |
| Married Filing Seperately | less than $10,000 | $10,000 or more | |
| Traditional IRA if Not covered by Plan at Work | |||
| Single, Head of Household | No Limit | No Limit | No Limit |
| Married Filing Jointly (Spouse not Covered) | No Limit | No Limit | No Limit |
| Married Filing Jointly (Spouse Covered) | $189,000 or less | $189,000-$199,000 | $199,000 or more |
| Married Filing Seperately (Spouse Covered) | less than $10,000 | $10,000 or more | |
Maximize Your Retirement Savings with Strategic Pension Plan Contributions
Investing in a pension plan is a crucial step toward securing your financial future. Regular contributions to your pension plan not only provide a steady income stream during retirement but also offer significant tax benefits.
Tax Advantages
Enjoy immediate tax benefits by reducing your taxable income with pre-tax contributions.
Compound Growth
Benefit from compound interest over time, significantly growing your retirement savings.
Employer Contributions
Maximize your retirement fund with potential matching contributions from your employer.
Financial Security
Ensure a stable and reliable income stream during retirement, reducing financial stress.
Diversified Investment Options
Access a variety of investment choices within your pension plan to tailor your retirement strategy.
Automatic Savings
Simplify your retirement planning with automatic payroll deductions, ensuring consistent contributions without extra effort.
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We’d Love to Help You With Pension Plan Contributions
Company Information
(727) 466-9575
info@tampabaytax.com
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Mon-Fri 9:00am - 5:00pm
St. Petersburg, FL
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Pinellas County FL & Surround