♠ Posted by Marc J. Soss in 2018 qualified plan limits,2018 Retirement Account Contributions,estate planning,financial planning,Retirement Account Contributions,retirement contributions,retirement planning
The Internal Revenue Service (“IRS”) announced on October 19, 2017, the following dollar limits applicable to tax-qualified plans for 2018:
• The limit on the maximum amount of elective contributions that a person may make to a §401(k) plan, a §403(b) tax-sheltered annuity, or a §457(b) eligible deferred compensation plan is increased from $18,000 to $18,500.
• The limit on “catch-up contributions” to a §401(k) plan, a §403(b) tax-sheltered annuity, or a §457(b) eligible deferred compensation plan for persons age 50 and older remains unchanged at $6,000.
• The dollar limit on the maximum permissible...