Pay My Invoice

New Retirement Plan Limits

2018 – 11/02 There are new limits for retirement plans. The IRS has announced the 2019 cost-of-living adjustments for defined contribution plans and defined benefit plans. The maximum you can contribute to a 401(k) plan will rise to $19,000, from $18,500, plus a catch-up contribution of $6,000 for taxpayers age 50 and up. The amount you can defer under a SIMPLE plan will increase to $13,000, from $12,500 (plus $3,000 catch-up). And the annual contribution to an IRA will rise to $6,000, from $5,500 (plus a $1,000 catch-up contribution). For more: 


©2019 Bland Garvey CPA