Retirement Contribution Limits Increase for 2019

The IRS issued new limits employees can contribute to 401(k), 403(b), and most 457 plans to $19,000 in 2019. The limit on annual contributions to an IRA rose from $5,500 to $6,000 with the additional catch-up contribution limit for individuals 50 and older remaining at $1,000. Phase out ranges for IRA contribution for either a taxpayer or spouse covered by a retirement plan at work were updated as well. Have questions on who this change will impact you? Give WTF a call and let us help you understand the impact to your tax situation.