ESOPs

In 2014, the maximum account balance in an ESOP subject to a 5-year distribution period increases to ,050,000. The dollar amount used to determine the lengthening of the 5-year distribution period also increases in 2014 to 0,000.

 

Additional retirement considerations

 

The dollar limitation used to define a key employee in a top-heavy plan increases in 2014 to 0,000.

 

Income limits for the saver’s credit. This federal tax credit is offered to low and middle-income workers who are saving for retirement. In 2014, you will be eligible for the credit if your adjusted gross income is below these thresholds:

 

Married filing jointly: ,000
Head of household: ,000
Married filing separately & single filers: ,000