NEWS BYTES
March 2010

2010 Tax Changes for IRA and other Retirement Plans for 2009 Filing

IRAs and Other Retirement Plans

403(b) Plans
The limit on elective deferrals and annual additions have increased.

Modified AGI Limit for Retirement Savings Contributions Credit
You may be able to claim the retirement savings contributions credit.

Modified AGI Limit for Roth IRA Contributions
Your Roth IRA contribution limit is reduced (phased out) in some situations.

Modified AGI Limit for Traditional IRA Contributions
Modified AGI Limit for Traditional IRA Contributions

Nonqualified Deferred Compensation Plans
There are new regulations on reporting requirements for amounts deferred under a nonqualified deferred compensation plan.

Qualified Plans
Limits on contributions and benefits, compensation limits, and elective deferrals (401(k) plans).

Rollover of Airline Payments
If you are a qualified airline employee, you may contribute, to a Roth IRA, any portion of an airline payment you receive from a commercial airline carrier involved in certain bankruptcy proceedings.

Rollover of Exxon Valdez Settlement Income
If you are a qualified taxpayer and you received qualified settlement income in connection with the Exxon Valdez litigation, you can contribute all or part of the amount received to an eligible retirement plan.

Roth Contribution Limit
Your contribution limit for 2009.

SIMPLE Plan
Increase in Limit on Salary Reduction Contributions Under a SIMPLE Plan

Temporary Waiver of Required Minimum Distributions (RMDs) for 2009
For 2009, you are not required to take an RMD from your IRA or most defined contribution retirement plans.

Traditional IRA Contribution and Deduction Limit
The contribution limit to your traditional IRA for 2009

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