2015 IRS Contribution Limits

Are you looking for how much you can increase your 2015 retirement plan savings?

I have created a place that you can go to check out the contribution limits for your desired retirement vehicle (i.e. IRA, 401k).  Please check out my Pinterest board, IRS Contribution Limits 2015, at http://www.pinterest.com/chrisgurneyerpa/irs-contribution-limits-2015/.

Thanks for reading and have a wonderful day!  Please be sure to subscribe to my blog and follow me on twitter @ChristineGurney.  You can follow me on Pinterest at http://www.pinterest.com/chrisgurneyerpa/.

2015 Retirement Contributions

Getting ready for the new year?  It is a great time to adjust your retirement contributions for 2015. The Internal Revenue Service (IRS) has a list of the new limits on their website located at http://www.irs.gov/uac/Newsroom/IRS-Announces-2015-Pension-Plan-Limitations;-Taxpayers-May-Contribute-up-to-$18,000-to-their-401(k)-plans-in-2015. Do you have an IRA? In general, you can make contributions up to $5,500. Do you have a 401(k) or 403(b) plan? You can up your contributions to $18,000. Older employees may be able to contribute up to $6,000 more. However, your plan may have additional limits that might restrict you to a lower number so be sure to check with your benefits department.

Happy Holidays and Happy New Year!

Thanks for reading and have a wonderful day!  Please be sure to subscribe to my blog and follow me on twitter @ChristineGurney.

Mid Year Contribution Check

Earlier this year, I discussed contributions to your retirement plan.  Are you working more than one job and able to contribute to multiple plans?  Have you switched employers this year and able to make contributions to more than one plan?  The IRS holds you responsible for ensuring you do not put too much in as employee contributions during a calendar year.  If you exceed the limit, you are responsible for taxes.  The IRS issued an industry newsletter pointing out a resource on their web site that would be of better use to many participants.  The article is located on their website at http://www.irs.gov/Retirement-Plans/How-Much-Salary-Can-You-Defer-if-You’re-Eligible-for-More-than-One-Retirement-Plan%3F.  If you have already exceeded the limit, I recommend going to your current employer's plan contact and have them help you with the return and correction process.

Thanks for reading and have a wonderful day! Please be sure to subscribe to my blog and follow me on twitter @ChristineGurney.