CORRECTED	‐‐	News	Flash	November	5,	2013:		IRS	Inflation	
Adjustments	for	2014	
The	IRS	has	announced	its	2014	annual	incr...
FICA	
Taxable Wage Base
Social Security

$117,000

$113,700

Medicare

Unlimited

Unlimited

Tax Rate
Social Security

6.2...
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News Flash November 5 2013 - IRS Inflation Adjustments for 2014

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News Flash November 5 2013 - IRS Inflation Adjustments for 2014

  1. 1. CORRECTED ‐‐ News Flash November 5, 2013: IRS Inflation Adjustments for 2014 The IRS has announced its 2014 annual increases for employee benefits and contributions across a wide spectrum of tax‐qualified programs. The following table summarizes many of the limitations as applicable to employee benefit plans. For more information, details of the 2014 inflation adjustments are outlined in Revenue Procedure 2013‐35 (available in the November 18, 2013 edition of the Internal Revenue Bulletin) and a separate press release, IR 2013‐86.[i] IRS Inflation Adjustments for 2014 2014 2013 Pre‐tax Dollar Limits (Retirement Plans) 401(k) Deferral Limit $17,500 $17,500 403(b) Contributions $17,500 $17,500 457 Contributions $17,500 $17,500 401(k), 403(b), 457 Catch-up Contributions (age 50+) $5,500 $5,500 IRA $5,500 $5,500 IRA Catch-up Contributions (age 50+) SIMPLE Plans $1,000 $1,000 $12,000 $12,000 SIMPLE Catch-Up $2,500 $2,500 Highly Compensated Employee (Retirement Plans) Annual Compensation $115,000 $115,000 $170,000 $165,000 Key Employee (Retirement Plans) Officer Annual Compensation Compensation Limit (Retirement Plans) $260,000 $255,000 $250 $245 Mass Transit Passes (monthly) $130 $245 Bicycle Commuting (monthly) $20 $20 Qualified Transportation Parking (monthly)
  2. 2. FICA Taxable Wage Base Social Security $117,000 $113,700 Medicare Unlimited Unlimited Tax Rate Social Security 6.20% 6.20% Medicare 1.45% (2.35% on wages over $200,000 single / $250,000 joint) 1.45% (2.35% on wages over $200,000 single / $250,000 joint) Annual Contribution Limit (self only) $3,300 $3,250 Annual Contribution Limit (family) $6,550 $6,450 Catch-up Contribution HDHP Minimum Annual Deductible (self only) $1,000 $1,000 $1,250 $1,250 HDHP Maximum Annual Deductible (family) $2,500 $2,500 HDHP Maximum Out-of-Pocket (self only) $6,350 $6,250 HDHP Maximum Out-of-Pocket (family) $12,700 $12,500 Health Savings Accounts   The IRS previously released the 2014 inflation adjusted amount for Health Savings Accounts in Revenue Procedure 2013‐25. [i] The information in this publication is not intended as legal or tax advice and has been prepared solely for informational purposes. You may wish to consult your attorney or tax adviser regarding issues raised in this publication.  

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