Additional Limits in 2014

Additional Limits in 2014

 

Retirement Plans:  Elective deferral limits for retirement plans remain unchanged at $17,500 for 2014.  These plans include Section 401(k)-type plans, Section 403(b) plans and Section 457 plans.  The catch up contribution limits for those age 50 and older remains at $5,500.

Defined contribution plans under Section 415(c)(1)(A) see their limits rise to $52,000 in 2014.  The wage threshold for the general definition of a highly compensated employee remains at $115,000.  The wage threshold for the definition of a key employee in a top heavy plan increases to $170,000 in 2014.  The general annual qualified plan compensation limit rises to $260,000 in 2014.

Transportation:  The monthly limitation amount for transportation in a commuter highway vehicle and any transit pass is $130 in 2014, under the aggregate fringe benefit exclusion in Section 132(f)(2)(A).  The monthly limitation amount for qualified parking is $250 in 2014, under Section 132(f)(2)(B).

Foreign Earned Income Exclusion:  The foreign earned income exclusion amount increases in 2014 to $99,200.

Adoption Assistance:  The adoption assistance credit in 2014 is $13,190.