Information For...

For you and your family
Standard mileage and other information

Forms and Instructions

Individual Tax Return
Request for Taxpayer Identification Number (TIN) and Certification
Single and Joint Filers With No Dependents
Employee's Withholding Allowance Certificate

 

Request for Transcript of Tax Returns
Employer's Quarterly Federal Tax Return
Installment Agreement Request
Wage and Tax Statement

Popular For Tax Pros

Amend/Fix Return
Apply for Power of Attorney
Apply for an ITIN
Rules Governing Practice before IRS

Maximize Your Salary Deferrals

Does your employer’s retirement plan allow you to make contributions from your salary? 

To maximize your retirement savings, contribute as much as possible to the plan up to the 2014 allowed limits of:

  • $17,500 for 401(k) or 403(b) plans
  • $12,000 for SIMPLE plans

If you are 50 or older by the end of 2014, your plan may allow you to make additional (catch-up) contributions of:

  • $5,500 for 401(k) or 403(b) plans
  • $2,500 for SIMPLE plans

Remember, in addition to saving more for your retirement, there are other benefits of making salary deferral contributions to the plan. For example:

  • you may reduce your taxable income by making pre-tax contributions;
  • your employer may match your contributions to the plan (for example, your employer may contribute 50 cents for each dollar that you contribute to the plan, up to a certain amount); and
  • you may qualify for the retirement savings contributions credit of up to $1,000 (up to $2,000 if filing jointly) for contributing to the plan and this credit may reduce your federal income tax liability.

If you previously decided to contribute less than the maximum allowed, you may be able to increase your contributions by completing a new salary deferral form during 2014.

Contact your employer for details about the retirement plan, including how much you can contribute from your salary, whether the employer also makes contributions on your behalf and whether you can change the amount of your contributions to the plan in 2014.