Did You Know You Can Increase Your Retirement Contributions for 2019?

The IRS adjusted it's contribution limit to your retirement account and avail the additional tax savings when you file your taxes.

The IRS adjusted its contribution limit to your retirement account. You’ll be able to avail of the additional tax savings when you file your taxes in 2020. Generous employers can give you extra towards your retirement account. We summarized the changes with a table that you can use as a guide.

Most of the tax brackets can take advantage of the savings. Contact your local tax office and inquire about the tax savings and how you can save more within the following year.

Type 20182019
401K$18,500$19,000
IRA contribution Limit
Traditional and Roth IRA <50 yrs old $5,500$6,000
Catch-up IRA contribution$1000$1000
SEP IRA for employers$55,000$56,000
Catch-up contribution limit for >50 yrs old$3,000$3,000
Retirement Savings income limits for contributions
Married filing jointly $63,000$64,000
Head of household$47,250$48,000
Single Taxpayer$31,500$32,000

Let us know if you don’t see your retirement contribution here and if you need help in planning. There are more detailed plans that can affect you in the future.

Local Tax: