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IRA Contribution Limit Raised for 2019 by IRS

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IRS Increases IRA Contribution Limit for 2019

You’ll be able to contribute more to your IRA and Solo 401(k) in 2019.

The IRS announced on November 1st a cost-of-living adjustment to the annual contribution amount for IRAs. In 2019, people 50 and under will be able to contribute $6,000, up from $5,500.

The amount individuals over 50 can contribute remains at $1,000 above the normal rate, which is an increase to $7,000. According to IRS.gov, “The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.”

This is the first increase to the contribution limit since 2013.

There was also an increase for Solo 401(k)s and SEP IRAs.  Here’s a snapshot of the new contribution limits:

Retirement PlanContribution 2018: Under 50Contribution 2019: Under 50Contribution 2018: 50 and OverContribution 2019: 50 and Over
IRA: Traditional and Roth$5,500$6,000$6,500$7,000
Solo 401(k)$55,000$56,000$61,000$62,000
SEP IRA$55,000$55,000$56,000$56,000
Retirement PlanContribution: Under 50Contribution: 50 and Over
IRA: Traditional and Roth2018: $5,500
2019: $6,000
2018: $6,500
2019: $7,000
Solo 401(k)2018: $55,000
2019: $56,000
2018: $61,000
2019: $62,000
SEP IRA2018: $55,000
2019: $56,000
2018: $55,000
2019: $56,000

Click here to see all of the IRS’ changes included in Notice 2018-83.

If you have additional questions, our experts are available at 1-800-395-5200.

IRA Contribution Limit Raised for 2019 by IRS
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2018-11-07T10:43:12+00:00 November 6th, 2018|Current Headlines, Financial News|

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