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IRS increases retirement account contribution limits and income phase-out ranges for 2019
The IRS announced cost-of-living increases for various retirement-related accounts on Nov.1, 2018. These changes for 2019 include:
- The 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 $18,500 to $19,000.
- The limit on annual contributions to an IRA is increased from $5,500 to $6,000. The additional “catch-up” contributions limit for individuals age 50 and over remains at $1,000.
- The catch-up contribution limit for employees age 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan remains at $6,000.
- For taxpayers or their spouses who are covered by a retirement plan at work, the income phase-outs for deductible contributions to traditional IRAs generally increased for 2019.
- The income phase-out ranges for taxpayers making contributions to Roth IRAs also increased for 2019.
- The income limits for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers also have increased.
You can find more information here.