plan's and contribution limits for 2006, if you have any questions just ask..
Information
What are contribution limits?
Types of Plans and Contribution Limits
Roth and Traditional IRA's - $4,000 for 2005 until April 15, 2006 plus $500 catch-up if you are age 50 or over and $4,000 for 2006 plus $1,000 catch-up if you are age 50 or over.
SEP IRA's - 25% of your wages (or up to 20% of your Schedule C income) up to a maximum of $42,000 for 2005 and $44,000 for 2006. Contributions can be made for 2005 if tax return has been extended up until your tax filing deadline.
SIMPLE IRA's - $10,000 salary deferral plus $2,000 catch-up if you are 50 or over for 2005 ($2,500 catch-up for 2006) plus up to 3% of your salary matched by your employer (2.192% if you are self-employed). Salary deferral contributions for the self-employed (in addition to the employer contribution) can be made if tax return has been extended up until your tax filing deadline for 2005. The $10,000 is subject to adjustment after 2005 for cost-of-living increases, but no adjustment was made for 2006.
Profit Sharing/401(k)'s - $14,000 in salary deferral for 2005 ($15,000 in 2006) plus catch-up deferral of $4,000 if you are 50 or over ($5,000 for 2006) plus 25% of your wages (or 20% of your Schedule C income) up to a maximum of $42,000 for 2005 and $44,000 for 2006. Salary deferral contributions for the self-employed (in addition to the employer profit sharing contributions) can be made if the tax return has been extended up until your tax filing deadline for 2005.
Coverdell ESA's - $2,000 per year until the child is age 18
Health Savings Accounts - $2,650 for individual coverage for 2005 ($2,700 for 2006) and $5,250 for family coverage for 2005 ($5,450 for 2006) plus $600 catch-up for 2005 and $700 catch-up for 2006 if you are over age 55
**the thoughts expressed in this post are merely in my honest and educated opinion and are not in any way intended to influence others to buy/sell or hold this security or any securities I have ever mentioned**
