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Tax Information:
Internal Revenue Service
Federal Income Tax Information.
Mississippi Income Tax
Mississippi Department of Revenue income tax information.
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Useful Links
COntributionLimits (2012)
401(k), 403(b), and Profit Sharing Plan (PSP).
Employee deferrals cannot exceed $17,000 or 100% of an employee's income.
Total additions, including employer contributions, cannot exceed $49,000 or 100% of an employee's income.
If the participant is over 50 years old he is allowed a $5,500 dollar catch-up, over and above the $17,000 elective deferral limit.
More information on defined contribution plans can be found here.
More information on 403(b) plans specifically can be found here.
SEP contribution limits.
An employer can contribute up to the lesser of $50,000 or 25% to an employee's SEP.
More information on SEP plans can be found here.
CollegeSavings (2011)
529 plans are operated by states or institutions to make saving for education expenses easier. Contributions are made after tax but earnings and distributions from the account are not subject to federal tax. Anyone can set up a 529 account for a named beneficiary. Contributions cannot exceed the amount necessary to provide qualified expenses of the beneficiary. Contributions over $13,000 may be subject to gift tax.Each state has different 529 plans with different structures and investment options. For more information on individual state plans, visit Morningstar's 529 center. For more information on 529 plans in general, click here. For information on other tax benefits for education, click here.
Ira AccountLimits (2012)
The maximum an individual can contribute to his IRA account is generally the lesser of $5,000 or his taxable income.
If the participant is over 50 years old he is allowed a $1,000 dollar catch-up, for a maximum contribution of $6,000.
An individual over 70 1/2 cannot make contributions to a traditional IRA.
More information on IRA contributions can be found here.
SIMPLE IRA accounts.
The maximum an employee can contribute to a SIMPLE IRA plan is $11,500.
If the employee is over 50, he is allowed a $2,500 catch up, for a maximum contribution of $14,000.
Employers generally opt to match the employee's contributions up to 3% of their income.
More information on SIMPLE accounts can be found here.
Estate and GiftTaxes (2011)
Gift Taxes
As of January 1, 2009, gifts up to $13,000 per recipient do not have to be reported. These are not tax deductible, but are not subject to tax either.
More information about gift tax can be found here.
Estate Taxes
The top rate for 2011 is 35% of the estate above $5,000,000.
More information about estate taxes can be found from the IRS here.
Information about reducing estate taxes can be found here.
