IRS announces changes to 401(K) contribution limits for 2019

Posted on

Each year, the IRS reviews the maximum contribution limits for retirement accounts for the following tax year. As a small business owner, it’s vital to understand these changes as they affect your ability to retain good employees and offset tax liabilities.

Our planet seems to be run by economics. Every day, we’re faced with financial requirements and limitations. That being said, when one of those limitations (like how much you can save in your retirement account) is increased, it’s really great news!

Each year, the Internal Revenue Service (IRS) reviews the maximum contribution limits for retirement accounts for the following tax year. Sometimes they make changes, sometimes they don’t. These are accounts, such as the 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan – a 401(k) style plan for military members.

On November 1, 2018, the IRS announced changes to employee contribution limits for 401(k) and other retirement accounts for the 2019 tax year. As we close out these last couple of months in 2018, let’s keep these contribution limits in mind for how much we want to save for retirement in 2019.

Here are some of the changes to 401(k) contribution limits for 2019.

Read the full story at Business.com. 

Sign up for our
Saturday 7 email digest (learn more)

Join 40,000+ subscribers who receive our email digest of the
week's top stories from ncfgiving.com. We call it Saturday 7.

Read our privacy policy

×