The IRS has published the new rules for the 2018 cycle here:
The 401(k) contribution limit has been raised from $18,000 to $18,500 — the first jump in that ceiling since 2015. This also applies to 403(b)s, the majority of 457 plans and the federal government Thrift Savings Plan for 2018.
No change to IRA contribution limits, however the phase out ranges have been increased:
For those covered by a workplace retirement plan such as a 401(k), the income ranges for Traditional IRA deduction phaseouts now:
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For single taxpayers with a workplace retirement plan, the deduction is phased out for those making $63,000 to $73,000, up from $62,000 to $72,000.
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For married couples filing jointly, where the IRA contributor is covered by a workplace plan, the income phaseout range rises to $101,000 to $121,000, from a range of $99,000 to $119,000.
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For couples where the individual contributor is not covered by a plan, but their spouse is, the income phaseout range climbs to $189,000 to $199,000 from $186,000 to $196,000.
There were increases in the income phaseouts for Roth IRA contributions too:
- For single taxpayers, the phaseout range is now $120,000 to $135,000, up from $118,000 to $133,000. And for married couples filing jointly, the income phase-out range is $189,000 to $199,000, up from $186,000 to $196,000.
Submitted October 21, 2017 at 05:36PM by John_Crichton http://ift.tt/2irNcWd
