{"id":4909,"date":"2017-10-26T10:10:56","date_gmt":"2017-10-26T14:10:56","guid":{"rendered":"https:\/\/gtm.com\/business\/?p=4909"},"modified":"2024-08-30T11:13:03","modified_gmt":"2024-08-30T15:13:03","slug":"2018-pension-plan-and-retirement-plan-limits","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/2018-pension-plan-and-retirement-plan-limits\/","title":{"rendered":"2018 Pension Plan and Retirement Plan Limits"},"content":{"rendered":"

\"2018The IRS recently announced 2018 pension plan and retirement plan limits<\/a>.<\/p>\n

For employees with 401(k), 403(b), and most 457 retirement plans, the contribution limit will increase from $18,000 to $18,500. This increase also affects the government’s Thrift Savings plan<\/a>. For those age 50 and older, the catch-up contribution limit will remain at $6,000.<\/p>\n

Roth IRA phaseout ranges\u00a0have all increased from 2017. For married couples filing jointly, the phaseout range for determining the maximum contribution to Roth IRAs is $189,000 to $199,000. For singles and heads of households, the range is $120,000 to $135,000.<\/p>\n

The income phaseout range has increased for single taxpayers covered by a workplace retirement plan. The new range is $63,000\u2013$73,000, a $1,000 increase from 2017. The phaseout range has increased for married couples filing jointly, where the IRA contributor is covered by a workplace plan, to $101,000-$121,000, up $2,000 from 2017. The income phaseout range has also increased for couples where the individual contributor isn\u2019t covered by a plan, but their spouse is. This new range is now $189,000-$199,000, up $3,000 from 2017.<\/p>\n

The AGI limit for the saver\u2019s credit<\/a> have also increased from 2017. For married couples filing jointly, the AGI limit is $63,000. For heads of household, the new limit is $47,250, and for single taxpayers and for married individuals filing separately, the new limit is $31,500.<\/p>\n

For more information on how GTM keeps clients updated with tax and labor law changes, contact us<\/a> at (518) 373-4111.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The IRS recently announced 2018 pension plan and retirement plan limits.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[266],"tags":[20,26,36,23],"post_folder":[],"class_list":["post-4909","post","type-post","status-publish","format-standard","hentry","category-consulting-services","tag-employee-benefits","tag-irs","tag-retirement","tag-taxes"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/4909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=4909"}],"version-history":[{"count":2,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/4909\/revisions"}],"predecessor-version":[{"id":4912,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/4909\/revisions\/4912"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=4909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=4909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=4909"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=4909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}