Tags: irs | contribution | limits | retirement | accounts

IRS Increases Contribution Limits for Retirement Accounts

various us dollar bills and coins and money spilling from retirement fund jar on its side
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Friday, 02 November 2018 10:09 AM

The IRS has increased the contribution limits for various retirement accounts for 2019.

The Internal Revenue Service said Thursday that the contribution limit for employees who participate in a 401(k), 403(b) and most 457 plans, as well as the federal government's Thrift Savings Plan, is increased from $18,500 to $19,000.

The catch-up contribution limit, which is a higher threshold for employees 50 years or older using these accounts, remains unchanged at $6,000. The changes were among several inflation adjustments announced by the IRS Thursday.

The limit on annual contributions to an IRA, which hadn't increased since 2013, were raised to $6,000 from $5,500.

A 401(k) plan is one of the most common employer-sponsored retirement accounts. 403(b) plans is another type of retirement plan, used for public school and nonprofit employees. And 457 plans are another retirement account, more common for government employees.

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The IRS has increased the contribution limits for various retirement accounts for 2019.
irs, contribution, limits, retirement, accounts
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2018-09-02
Friday, 02 November 2018 10:09 AM
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