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November 6, 2018

2019 retirement account limits announced by IRS

The limit on 401(k) contribution are increased to $19,000, $25,000 for those that are are 50 or older.

The limit on IRA contribution are increased to $6,000, $7,000 for those that are 50 or older.

IRA Adjusted Gross Income deduction phase- will start at $103,000 fir joint returns and $64,000 for single and head of household filers.

IRS Link: COLA Increases for Dollar Limitations on Benefits and Contributions

The above apply for contributions made for 2019 not for 2018 contributions made in 2019

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