New IRS Rules for Retirement Savings 2015

  • The IRS increased the contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan to $18,000. The IRS also changed the catch-up contribution limit for employees aged 50 and over in the same plans: $6,000.
  • New IRS rules do not include an increase for IRAs – the limit on those annual contributions remains at $5,500.
  • For 2015, the annual contributions to all of your accounts – this includes elective deferrals, employee contributions, employer matching, discretionary contributions, and allocations of forfeitures to your accounts – may not be more than the lesser of 100% of your compensation or $53,000.
  • The amount of employee compensation that can be considered in calculating contributions to defined contribution plans will increase to $265,000 in 2015 from $260,000.
  • The AGI phase-out range for taxpayers making contributions to a Roth IRA is $183,000 – $193,000 for married couples filing jointly. For singles and heads of household, the new income phase-out range is $116,000 – $131,000.
  • The annual defined contribution limit from all sources rises to $53,000 in 2015 from $51,000.

 

Blue Spark Capital Advisors

We're a fee-only Registered Investment Advisory and financial planning firm based in New York City and the Berkshires.

We specialize in working with women after divorce, death of a spouse, or other life transitions such as retirement or job change. We provide financial planning and investment management services.

We believe in a holistic approach. Movement in each piece of your financial plan impacts the others, so we consider your entire picture.

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New York, N.Y. 10011
(212) 537-3899

93 Church Street
Lenox, Mass. 01240
(413) 551-7000

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