New Retirement Plan Contribution Limits for 2019 - A Global Tax Blog Article from KLR

Global Tax Blog

New Retirement Plan Contribution Limits for 2019

posted Nov 2, 2018 by Peri Ann Aptaker, Esq., CPA/PFS, CFP® in the Global Tax Blog

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The Internal Revenue Service has issued the annual cost of living adjustments for 401(k) contributions, pension plans, and other retirement related matters. There are a few changes to modified adjusted gross income limits that you’ll want to note, and an important change to individual retirement plan contribution limits (the first change in over 5 years!)

The limits

Individual Retirement Plan Limits 2019—first change since 2013!

Contribution Limits

2019

2018

2017

IRA Contribution Limit

$6,000

$5,500

$5,500

IRA Catch-Up Contributions

$1,000

$1,000

$1,000

*The catch-up contribution limit for employees ages 50 and over who contribute to 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan remains unchanged at $6,000.

Phase-out ranges for 2019:

Traditional IRA MAGI Limits

2019

2018

2017

Married filing jointly; a spouse who participates in an employer-sponsored plan

$103,000-

$123,000

$101,000-

$121,000

$99,000-

$119,000

Married filing jointly; a spouse who does not participate in an employer sponsored plan

$193,000-

$203,000

$189,000-

$199,000

$186,000-

$196,000

Single or Head of Household

$64,000-

$74,000

$63,000-

$73,000

$62,000-

$72,000


For Roth IRAs, if your MAGI falls within the applicable range, you can make a partial contribution, but if it exceeds the top of the range, you are not allowed to make a contribution.

Roth IRA MAGI Limits

2019

2018

2017

Married filing jointly

$193,000-

$203,000

$189,000-

$199,000

$186,000-

$196,000

Single or Head of Household

$122,000-

$137,000

$120,000-

$135,000

$118,000-

$133,000

The contribution limit for workers who are enrolled in 401(k), 403(b), most 457(b), and the federal government’s Thrift Savings Plan has changed from $18,500 to $19,000.

Interested in learning more about tax-advantaged retirement saving strategies?

Contact our Tax Team for more information.