Increases to Retirement Contributions
The maximum amounts you may contribute to a retirement plan are going up for 2019.
If you are an employee that participates in a 401(k), 403(b) or most 457 plans, you may now contribute up to $19,000 in 2019, up from $18,500 in 2018.
Contributions to an Individual Retirement Plan (IRA), either Traditional or Roth, can be up to $6,000 in 2019. Those age 50 and over can contribute an additional $1,000 as a catch-up contribution.
Income limits for determining eligibility to make deductible contributions to Traditional IRAs, to contribute to Roth IRAs and to claim the saver’s credit are also increasing for 2019. Click here to read more about these changes.
You may also contact us here at Young Tax Service to learn more about what retirement contributions would make the most sense for your personal situation. If you would like to open an IRA account and begin contributing to your retirement, we can help with that too!
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