The IRS has announced the following inflation-based adjustments for qualified retirement plans in 2015:
- The maximum elective deferral limit for participants in 401(k), 403(b), and most 457 plans increases to $18,000 (up from $17,500).
- The limit for catch-up contributions to 401(k), 403(b), and most 457 plans increases to $6,000 (up from $5,500)
- The limit for additions to defined contribution plans increases to $53,000 (up from $52,000).
- The limit for contributions to a SIMPLE increases to $12,500 (up from $12,000).
- The limit for catch-up contributions to a SIMPLE increases to $3,000 (up from $2,500).
- The maximum compensation amount for qualified retirement plans increases to $265,000 (up from $260,000).
Note: Certain limits, including contribution limits for IRAs, remain the same. But the phase-out range for deductible IRA contributions were adjusted slightly. (IRS Internal Release 2014-99, 10/23/14)
- Small Business Tax Deduction Strategies No matches