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IRS increases contribution limits for retirement accounts

IRS increases contribution limits for 401(k) and IRAs for 2019

Reported by: AP [ Published on: November 02, 2018 0:45 IST ]
Image Source : AP IRS increases contribution limits for retirement accounts

The IRS has increased the contribution limits for various retirement accounts for 2019.

The Internal Revenue Service said Thursday that the contribution limit for employees who participate in a 401(k), 403(b) and most 457 plans, as well as the federal government's Thrift Savings Plan, is increased from $18,500 to $19,000.

The catch-up contribution limit, which is a higher threshold for employees 50 years or older using these accounts, remains unchanged at $6,000. The changes were among several inflation adjustments announced by the IRS Thursday.

The limit on annual contributions to an IRA, which haven't increased since 2013, were increased to $6,000 from $5,500.

Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.

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