Contribution Limits for IRAs Increase for 2019

Contribution Limits for IRAs Increase for 2019

The new year brings many changes to retirement accounts form the IRS. Stay in the loop about the 2019 tax year to be able to take advantage of these changes in 2019!

Back in November of 2018 the IRS announced several changes affecting contribution limits for IRAs and other retirement plans for 2019. With the new year those changes are now in effect. Some highlights include increased contribution limits for Individual Retirement Accounts to up to $6,000 with catch up contribution limits remaining the same at $1,000 for those 50 and older. SEP IRAs and Solo 401(k)s limits go up from $55,000 to $56,000 which is still based on the percentage of salary. Finally, SIMPLE retirement account contribution limits increase to $13,000 in 2019 with catch-up still at $3,000. More details regarding changes to IRAs and other retirement accounts can be found at the IRS website with technical guidance in IRS Notice 2018-83.  

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