KM Financial Services
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Tax Benefits Update 2010
Contributions and Benefits 2010 2009
401K maximum contributions (under 50) $16,500 $16,500
401K maximum contributions (50 & older) $22,000 $22,000
401K catch-up deferral $5,500 $5,500
Definition of highly compensated employee $110,000 $110,000
Annual compensation limit for benefit purposes $245,000 $245,000
Annual compensation limit for key employee determination $160,000 $160,000
IRA maximum contributions $5,000 $5,000
IRA maximum contributions (50 & older) $6,000 $6,000
SIMPLE elective Deferral limit $11,500 $11,500
Maximum contribution to Health Savings Account
-Single coverage (HSA) $3,050 $3,000
-Family coverage (HSA) $6,150 $5,950
Qualified Transportation Benefit
-Parking (per month) $230 $230
-Transit Pass (Per month) $230 $230
Mileage Rate - Business 50 cents/mile 55 cents/mile
Please Note - amounts could possibly vary depending on individual situations