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401(k) Contribution Limit Increases in 2015

(posted: October 30th, 2014)

Starting in January, employees will be able to contribute more to their employer retirement plans, thanks to IRS cost-of-living adjustements.

The amount you can stash in your 401(k), 403(b), 457 or a federal Thrift Savings Plan goes up to $18,000 per year. The "catch-up" contribution limit for those who turn 50 in 2015 will also go up to $6,000, making the max contribution for employees over 50 $24,000.

Note, though, that the IRA contribution limit will remain $5,500 per person ($6,500 for those who turn 50).

Income limits get a small boost, too. The cut off for contributing to a Roth IRA will rise to an adjusted gross income (AGI) of $193,000 if married filing jointly, and to $131,000 if single.

The size of your contribution will start to phase out if you earn more than $183,000 if married filing jointly or $116,000 if single.

The AGI limit for the saver's credit is $61,000 for married couples filing jointly, $45,750 for heads of household, and $30,500 for single taxpayers and for married individuals filing separately.

Read the full IRS announcement here.

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