How much can I contribute to my IRA and 401(k) in 2015?
The contribution limits for your 401(k) will be higher in 2015 than in 2014. The maximum you’ll be able to stash in a 401(k), 403(b), 457 or the federal government’s Thrift Savings Plan will increase by $500, to $18,000 in 2015. The catch-up contribution limit for anyone who turns 50 in 2015 will also increase, from $5,500 to $6,000 (for a maximum contribution of $24,000).
The IRA contribution limit will remain $5,500 per person in 2015 (or $6,500 if you turn age 50 anytime during the year).
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Income limits also get a boost. The cut-off for contributing to a Roth IRA will rise from an adjusted gross income of $191,000 to $193,000 if married filing jointly, and from $129,000 to $131,000 if single. The size of your contribution will start to phase out if you earn more than $183,000 if married filing jointly (up from $181,000 in 2014) or $116,000 if single (up from $114,000).
The income cut-off to qualify for the retirement savers’ credit will go up slightly, from an AGI of $60,000 to $61,000 if married filing jointly, and from $45,000 up to $45,750 for heads up household. For married individuals filing separately and for singles, the income cut-off will go from $30,000 to $30,500.
For more information about the 2015 retirement-plan figures, see this IRS announcement.
| Contribution Limits | ||
|---|---|---|
| Row 0 - Cell 0 | 2014 | 2015 |
| 401(k), 403(b), 457, Thrift Savings Plan contributions (not including employer contributions) | $17,500 | $18,000 |
| 401(k), 403(b), 457, Thrift Savings Plan catch-up contributions (for workers 50+) | $5,500 | $6,000 |
| IRA and Roth IRA contributions | $5,500 | $5,500 |
| IRA and Roth IRA catch-up contributions (for workers 50+) | $1,000 | $1,000 |
| Solo 401(k) | $52,000 | $53,000 |
| Solo 401(k) catch-up contributions (for workers 50+) | $5,500 | $6,000 |
| Simplified Employee Pension | $52,000 | $53,000 |
| Income Limits | ||
|---|---|---|
| Row 0 - Cell 0 | 2014 | 2015 |
| Roth IRA, married filing jointly | $191,000 | $193,000 |
| Roth IRA, singles | $129,000 | $131,000 |
| Retirement savers’ credit, married filing jointly | $60,000 | $61,000 |
| Retirement savers’ credit, head of household | $45,000 | $45,750 |
| Retirement savers’ credit, single or married filing separately | $30,000 | $30,500 |
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