The Internal Revenue Service announced yesterday contribution limitations for 2015 – some higher – for retirement plans and other updated information related to retirement planning. Key items include the following:
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 to $18,000.
- The catch-up contribution limit for young folks like me – employees aged 50 and over – who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $5,500 to $6,000.
- The limit on annual contributions to IRAs remains unchanged at $5,500.
- Adjusted gross income phase-out ranges for tax deductible IRA contributions and Roth IRA contributions have increased slightly.
- The limitation for defined contribution plans under Section 415(c)(1)(A) is increased from $52,000 to $53,000.
You can get the whole long list at the IRS website.
VKM
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