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2014 Maximum 401(k), IRA Contribution Limits Announced
The Internal Revenue Service announced the contribution limits for pension plans and other retirement-related plans for the 2014 tax year. Here are some highlights:
| Plan | 2014 Contribution Limitations |
| 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan |
$17,500 – Unchanged
The maximum contribution is applicable to your personal contributions to traditional 401(k)’s and Roth 401(k)’s (or a combination of the two if you have both). |
| 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan Catch-Up Contribution |
$5,500 – Unchanged
For employees aged 50 and over |
| IRA |
$5,500 – Unchanged
The maximum contribution is applicable to both Traditional IRA’s and Roth IRA’s (or a combination of the two if you have both). |
| IRA Catch-Up Contribution |
$1,000 – Unchanged
For individuals aged 50 and over |
Want to read more information about the changes for 2014? Head over to the IRS’ website to read the announcement in full .
As always, we are available to help with any questions you may have, so feel free to reach out to us.
Lisa Osborne
Office Administration
lisaosborne@mo-cpa.com