Millions of Americans contribute to an employer sponsored 401K or traditional IRA (Individual Retirement Account). And over the last few years the government has steadily been increasing the maximum contribution people can make to ensure that folks can build a larger nest egg during retirement. But thanks for the low inflation environment seen over the preceding year, the IRS announced that IRA limits will remain unchanged while 401k and related retirement plan limits should only see a moderate increases.
Annual 401k contribution limits (which also applies to 403b, 457 plans, and the federal government’s Thrift Savings Plan) will increase by $500 to $18,000 in 2015. The catch-up contribution for those over 50, will also increase by $500 to $6,000. For the the are self-employed, the total employer plus employee contributions to all defined contribution plans by the same employer will go up by $1,000 from $52,000 to $53,000 in 2015.
Year | ||||
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2023 | ||||
2022 | ||||
2021 | ||||
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2019 |
The annual IRA contributions limit will remain at $5,500 for most taxpayers and $6,500 for those 50 and older. See more details here.
Year | ||
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2023 | (Single and have Employer Plan) - $73,000 to $83,000 (Married and have Employer Plan) - $116,000,000 to $136,000 (Married Filing Separately and have Employer Plan) - $0 to $10,000 (Married and Spouse has Employer Plan) - $218,000 to $228,000 |
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2022 | (Single and have Employer Plan) - $68,000 to $78,000 (Married and have Employer Plan) - $109,000 to $129,000 (Married Filing Separately and have Employer Plan) - $0 to $10,000 (Married and Spouse has Employer Plan) - $204,000 to $214,000 |
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2021 | (Single and have Employer Plan) - $66,000 to $76,000 (Married and have Employer Plan) - $105,000 to $125,000 (Married Filing Separately and have Employer Plan) - $0 to $10,000 (Married and Spouse has Employer Plan) - $198,000 to $208,000 |
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2020 | (Single and have Employer Plan) - $65,000 to $75,000 (Married and have Employer Plan) - $104,000 to $124,000 (Married Filing Separately and have Employer Plan) - $0 to $10,000 (Married and Spouse has Employer Plan) - $196,000 to $206,000 |
2015 Roth IRA limits are shown below. See more details and roll over rule updates here.
SIMPLE 401k or SIMPLE IRA contributions annual limits are also expected to increase by $500 from $12,000 $12,500 in 2015.
A variety of other statutory tax limits are expected to see slight upward adjustments in 2015. Here is a summary of key 2015 tax changes, including project tax brackets.