Type of Limit
Elective deferrals to 401(k), 403(b), 457(b)(2),
Contributions to defined contribution plans
Contributions to SIMPLEs
Contributions to IRAs
Catch-up contributions to 401(k), 403(b), 457(b)(2),
Catch-up contributions to SIMPLEs
|Catch-up contributions to IRAs|
If you’re not already maxing out your contributions to other plans, you still have an opportunity to save more in 2018. And if you turn age 50 in 2018, you can begin to take advantage of catch-up contributions.
Higher-income taxpayers should also be pleased that some limits on their retirement plan contributions that had been discussed as part of tax reform didn’t make it into the final legislation.
However, keep in mind that there are still additional factors that may affect how much you’re allowed to contribute (or how much your employer can contribute on your behalf). For example, income-based limits may reduce or eliminate your ability to make Roth IRA contributions or to make deductible traditional IRA contributions.
If you have questions about how much you can contribute to tax-advantaged retirement plans in 2018, please check with us.