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401k, IRA Contribution limits for 2010, and other tax news
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401k, IRA Contribution limits for 2010, and other tax news - 10/17/2009 5:15:04 PM
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clydewolf
Posts: 43
Joined: 8/6/2009
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On October 15, 2009 the IRS announced the maximum contribution levels in 2010 for 401k, 403b plans will remain a $16,500.
For IRAs, the maximum contribution in 2010 will remain at $5,000.
The respective catch-up contribution amounts will remain the same as in 2009.
When you begin to file your 2010 tax return in early 2011, you will see some deductions that are the same, and for other filers the deductions may change slightly:
- Standard Deduction for Single, MFJ filers will remain the same at $5,700 and $11,400. For the HH filer there will be a $50 increase to $8,400.
Tax brackets will see minor changes in 2010. An example, for MFJ filers the difference between 15% tax and 25% tax is $68,000 for 2010 vs $67,900 in 2009.
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