In 2015, employees who participate in 401(k) and 403(b) plans may contribute up to $18,000 (up from $17,500 in 2014) into their plans. Those over age 50 may contribute up to $24,000 (up from $23,000).
The amount individuals may contribute to an IRA remains unchanged ($5,500 for those under age 50 and $6,500 for those 50 and over).
The section 415 limit for total contributions by employees and employers combined to defined contribution plans is increased in 2015 from $52,000 to $53,000.
Call your Alerding CPA Group tax advisor at (317)569-4181 for more information. www.alerdingcpagroup.com