How Much You Can Contribute to Retirement Plans in 2015
You’ll be able to contribute more to employer plans, but IRA contribution limits will remain the same.
How much can I contribute to my IRA and 401(k) in 2015?
The contribution limits for your 401(k) will be higher in 2015 than in 2014. The maximum you’ll be able to stash in a 401(k), 403(b), 457 or the federal government’s Thrift Savings Plan will increase by $500, to $18,000 in 2015. The catch-up contribution limit for anyone who turns 50 in 2015 will also increase, from $5,500 to $6,000 (for a maximum contribution of $24,000).
The IRA contribution limit will remain $5,500 per person in 2015 (or $6,500 if you turn age 50 anytime during the year).
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Income limits also get a boost. The cut-off for contributing to a Roth IRA will rise from an adjusted gross income of $191,000 to $193,000 if married filing jointly, and from $129,000 to $131,000 if single. The size of your contribution will start to phase out if you earn more than $183,000 if married filing jointly (up from $181,000 in 2014) or $116,000 if single (up from $114,000).
The income cut-off to qualify for the retirement savers’ credit will go up slightly, from an AGI of $60,000 to $61,000 if married filing jointly, and from $45,000 up to $45,750 for heads up household. For married individuals filing separately and for singles, the income cut-off will go from $30,000 to $30,500.
For more information about the 2015 retirement-plan figures, see this IRS announcement.
Contribution Limits | ||
---|---|---|
Row 0 - Cell 0 | 2014 | 2015 |
401(k), 403(b), 457, Thrift Savings Plan contributions(not including employer contributions) | $17,500 | $18,000 |
401(k), 403(b), 457, Thrift Savings Plan catch-up contributions(for workers 50+) | $5,500 | $6,000 |
IRA and Roth IRA contributions | $5,500 | $5,500 |
IRA and Roth IRA catch-up contributions (for workers 50+) | $1,000 | $1,000 |
Solo 401(k) | $52,000 | $53,000 |
Solo 401(k) catch-up contributions (for workers 50+) | $5,500 | $6,000 |
Simplified Employee Pension | $52,000 | $53,000 |
Income Limits | ||
---|---|---|
Row 0 - Cell 0 | 2014 | 2015 |
Roth IRA, married filing jointly | $191,000 | $193,000 |
Roth IRA, singles | $129,000 | $131,000 |
Retirement savers’ credit, married filing jointly | $60,000 | $61,000 |
Retirement savers’ credit, head of household | $45,000 | $45,750 |
Retirement savers’ credit, single or married filing separately | $30,000 | $30,500 |
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As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.
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