401(K)s, 403(b) & 457– Annual contribution limit is $18,500 (a $500 increase)
401(K)s, 403(b) & 457 catch-up – Annual contribution limit for 50 or older $6,000 (remains the same) or $24,500 annually
SIMPLE retirement accounts – Remains the same at $12,500 with a $3,000 catch-up for anyone 50 and older
Here are the new phase out ranges:
- For single taxpayers covered by a workplace retirement plan, the phase-out range is $63,000 to $73,000, up from $62,000 to $72,000.
- For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $101,000 to $121,000, up from $99,000 to $119,000.
- For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $189,000 and $199,000, up from $186,000 and $196,000.
- For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.