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2019 Retirement Accounts Limits are Up

December 11, 2018 by OSYB Staff

2019 will herald a change in retirement account limits.  Accounting Today shares some important ones for you to know:

  • If you participate in contributing to a 401(k), 403(b), or most 457 plans and the federal government’s Thrift Savings Plan your contribution limit will increase to $19,000 in 2019
  • Annual contributions limits to an IRA, went up $500 and is now $6,000. The additional catch-up contribution limit for individuals 50 and older remains at $1,000.
  • The income ranges for determining eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the saver’s credit all increased for 2019.

As always with important tax changes, please consult your tax professional.

For more details:  Retirement account limits up for 2019

Image Credit:  Deposit Photos

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