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IRS Increases 2019 Retirement Plan Contribution Limits

November 21, 2018

Effective January 1st, 2019, The Treasure Department released inflation-adjusted figures for the retirement account savings for 2019. In case you didn’t catch the news, here is a recap of what was announced: For procedural guidance, please see IRS Notice 2018-83.

 

 

 

Individual Retirement Accounts

 

Limit is being bumped from $5,500 to $6,000.

 

401(k)s

 

Workplace retirement plans have increased from $18,500 to $19,000

 

SEP IRAs

 

Contribution has increased from $55,000 to $56,000

 

SIMPLE

 

Retirement accounts contribution limit increased from $12,500 to $13,000

 

Defined Benefit Plan

 

Annual benefit has increased from $220,000 to $225,000.

 

Deductible IRA Phase-Out Range

 

Singles and heads of households increases to $64,000 to $74,000

 

Married couples increase to $103,000 to $123,000

 

Married individual not covered by workplace retirement plan, increases to $189,000 to $199,000

 

Roth IRA Phase-Out Range

 

Singles and heads of households increases to $122,000 to $137,000

 

Married couples increase to $189,000 to $199,000

 

Savers Credit

 

Singles increases to $32,000

 

Married couple increases to $64,000

 

Heads of household increases to $48,000

 

 

Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.

 

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