In late 2017, the IRS issued Notice 2017-64 which provides the annual cost of living adjustments and contribution limits on 401(k) plans, pension plans and retirement accounts for 2018. Although the Tax Cuts and Jobs Act made changes as to how cost of living adjustments are made, the previously released amounts remain unchanged.
The limit on elective deferral for contributions to Sec. 401(k) plans, Sec. 403(b) plans, most Sec. 457 plans, and the federal government's Thrift Savings Plan increased from $18,000 in 2017 to $18,500 in 2018.
Income phase-out ranges for taxpayers who are covered by workplace retirement plans to be able to make a deductible IRA contribution:
The AGI limit for the saver's credit:
For more information contact us in one of our many locations.
Please Join Us! 13th Annual Dan McCarty Memorial
Thursday, February 13, 2020
Petruzzello's, 6950 Rochester Road Troy, MI 48085