Latest Alerts
- Colorado Adopts Final Rules to Implement the State’s Privacy Act
(posted: 04/03/2023)The CPA Imposes Requirements On Organizations That Conduct Business In Colorado On March...
- Idaho Extends Unemployment Benefits to Military Spouses and Domestic Violence Victims
(posted: 03/30/2023)The Amendments Provide Some Flexibility To The General Eligibility Criteria On March 21, 2023,...
- Virginia Prohibits Using Social Security Numbers on Employee Badges
(posted: 03/30/2023)Employers Cannot Use Social Security Numbers As Employee Identification Numbers or Include Them...
IRS Announces Retirement Plan Limits for 2018
posted: Thursday, October 19th
401(k) Contribution Limit Increases to $18,500
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. Highlights include:
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), and most 457 plans is increased from ,000 to ,500.
The catch-up contribution limit for those aged 50 and over remains unchanged at ,000.
The limit on annual contributions to an individual retirement arrangement (IRA) remains unchanged at $5,500.
The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have adjusted gross incomes between $63,000 and $73,000, up from $62,000 to $72,000.
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), and most 457 plans is increased from ,000 to ,500.
The catch-up contribution limit for those aged 50 and over remains unchanged at ,000.
Click here for more information.
