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2003 PENSION AND PROFIT SHARING CONTRIBUTION AMOUNTS ARE OUT
October 22, 2002
The IRS has announced the limitations applicable to pension and profit-sharing plan contributions for 2003. Some key numbers are as follows:
| Item | 2003 Limit |
| 401(k) elective deferrals | $12,000, plus $2,000 additional for taxpayers 50 and over. (was $11,000 and $1,000) |
| Deferral available via a SIMPLE plan | $8,000. ($7,000 for 2002) |
| Amount of compensation to be taken into account in computing profit-sharing contributions | $200,000 (unchanged) |
| IRA contributions | $3,000, plus $ 500 additional for taxpayers 50 and over (unchanged) |
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