IRS Posts Annual Cost-of-Living Adjustments for 2015
Read this to hear the details of the IRS's announcement on the annual cost-of-living adjustments for 2015.
Oct 24, 2014
Participants in 401(k), 403(b) and most 457 plans may contribute up to $18,000 in 2015 (plus an additional $6,000 for those who will be at least age 50 by the end of the year). Many plan-related limits are also increasing for the upcoming year. However, IRA contribution limits will remain unchanged, while income limits for Traditional IRA contribution deductibility and the AGI phase-out range for Roth contributions will increase slightly.
Click the link below for a table that highlights the changes in this year’s annual cost-of-living adjustment report.
https://www.bpas.com/media/definedcontributionplanserv/COLA.pdf