The following provides a summary of the dollar limits applicable to retirement plans, health and welfare benefits and the social security wage base for the 2014 tax year.
Retirement Plans
The dollar limits applicable to retirement plans for the 2014 tax year are as follows:
- Elective Deferrals:$17,500 (unchanged from 2013)
- Catch-Up Contributions: $5,500 (unchanged from 2013)
- Total Annual Compensation:$260,000
- Defined Contribution Limit: $52,000
- Highly Compensated Employee Threshold:$115,000
- Defined Benefit Limit:$210,000
Health and Welfare Benefits
The dollar limits applicable to health and welfare benefits for tax year 2014 are as follows:- Health FSAs: $2,500
- Health Savings Accounts (HSAs) Contribution Limit:
- Family: $6,550
- Single: $3,300
- Catch-Up Limit: $1,000
- DCAP Limit:$5,000/$2,500 (if married, filing separately)
- Qualified Transportation Benefit Monthly Limit: $250
- Transit Pass/Vanpooling Monthly Limit: $130
- Adoption Assistance Maximum Exclusion Amount: $13,190
