Compliance Alert: IRS Announces New Retirement Plan Limits for 2019
On November 1 2019, the IRS announced the new 2019 retirement plan limits. The good news is that the applicable cost of living index did increase sufficiently for many standard limits to increase for 2019. The elective deferral limit under 402(g), for example, increased by $500 to $19,000 ($25,000 if age 50 or older by 12/31/2019).
The Social Security Administration (SSA) also announced that the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $132,900 in 2019, up from the 2018 limit of $128,400.
Note: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.
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