{"id":2149,"date":"2015-01-07T00:48:03","date_gmt":"2015-01-07T00:48:03","guid":{"rendered":"http:\/\/www.lmgw.com\/?p=2149"},"modified":"2015-01-09T01:14:35","modified_gmt":"2015-01-09T01:14:35","slug":"retirement-contributions-limits-announced-for-2015","status":"publish","type":"post","link":"https:\/\/lmgw.com\/wordpress\/services\/tax\/retirement-contributions-limits-announced-for-2015\/","title":{"rendered":"Retirement Contributions Limits Announced for 2015"},"content":{"rendered":"<p><span style=\"font-size: 13px;\">The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2015.<\/span><\/p>\n<p>In general, many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged for 2015. Here are the highlights:<\/p>\n<p><!--more--><\/p>\n<ul>\n<ul>\n<li>The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government&#8217;s Thrift Savings Plan is increased from $17,500 to $18,000.<\/li>\n<\/ul>\n<\/ul>\n<ul>\n<ul>\n<li>The catch-up contribution limit for employees age 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government&#8217;s Thrift Savings Plan is increased from $5,500 to $6,000.<\/li>\n<\/ul>\n<\/ul>\n<ul>\n<ul>\n<li>The limit on annual contributions to an Individual Retirement Arrangement (IRA) remains unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.<\/li>\n<\/ul>\n<\/ul>\n<ul>\n<ul>\n<li>Contribution limits for SIMPLE retirement accounts is increased from $12,000 to $12,500.<\/li>\n<\/ul>\n<\/ul>\n<ul>\n<ul>\n<li>The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $61,000 and $71,000, up from $60,000 and $70,000 in 2014. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $98,000 to $118,000, up from $96,000 to $116,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple&#8217;s income is between $183,000 and $193,000, up from $181,000 and $191,000. For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.<\/li>\n<\/ul>\n<\/ul>\n<ul>\n<ul>\n<li>The AGI phase-out range for taxpayers making contributions to a Roth IRA is $183,000 to $193,000 for married couples filing jointly, up from $181,000 to $191,000 in 2014. For singles and heads of household, the income phase-out range is $116,000 to $131,000, up from $114,000 to $129,000. For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.<\/li>\n<\/ul>\n<\/ul>\n<ul>\n<li>The AGI limit for the saver&#8217;s credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $61,000 for married couples filing jointly, up from $60,000 in 2014; $45,750 for heads of household, up from $45,000; and $30,500 for married individuals filing separately and for singles, up from $30,000.<\/li>\n<\/ul>\n<p>Questions? Give us a call. We&#8217;re here to help.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2015. In general, many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2149","post","type-post","status-publish","format-standard","hentry","category-tax"],"_links":{"self":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/2149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/comments?post=2149"}],"version-history":[{"count":5,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/2149\/revisions"}],"predecessor-version":[{"id":2262,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/2149\/revisions\/2262"}],"wp:attachment":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/media?parent=2149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/categories?post=2149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/tags?post=2149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}