401(k), 403(b), most 457 plans, and Thrift Savings Plan contribution limits have increased $500 to $19,500. The annual catch-up limitation for employees over age also increases $500, to $6,500.
Phase out ranges for contributing to IRAs have increased $1,000:
- For single taxpayers covered by a workplace retirement plan the phase-out range is $65,000 to $75,000
- For married couples filing jointly where the IRA contributor is covered by a workplace retirement plan the phase-out range is $104,000 to $124,000
- For single taxpayers and head of household the phase-out range is $124,000 to $139,000, up $2,000.
- For married couples filing jointly the phase-out range is $196,000 to $206,000, up $3,000.
For more information see Notice 2019-59 or IRS News Release 2019-179 or check out our fact page.