This year has flown by and as we approach year end, the IRS shares the numbers that will impact your 2015 retirement savings limits. 2013 inflation was low enough that we saw no increase in ’14. 2015, however, sees a bit of a bump, so let me share these numbers.
Employee contributions to 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 to $18,000. The cath-up provision, for those 55 and older in 2015 is also increased a bit, to $6,000.
The IRA limit is unchanged at $5,500 with a $1,000 catch-up for 50 and older. The phaseout for IRA deductibility for a single filer covered by a workplace retirement plan is between $61,000 and $71,000, and for married filing joint, between $183,000 and $193,000. The AGI phase-out range for taxpayers making contributions to a Roth IRA is $181,000 to $191,000 for married couples filing jointly.
The AGI phase-out range for taxpayers making contributions to a Roth IRA is $183,000 to $193,000 for married couples filing jointly. For singles and heads of household, the income phase-out range is $116,000 to $131,000.
There are still quite a few numbers we need to see. Marginal rates, HSA limits, FSA limits, etc. As soon as I see the IRS press release, I’ll share the numbers.