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ARTICLE · 30 OCTOBER 2015

IRS Announces Retirement Plan Limits For 2016 Remain Unchanged

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The IRS announced today that the dollar limits applicable to tax-qualified retirement plans will not increase for 2016.

United StatesTax
Daniel Morgan
Daniel Morgan
Victoria Zerjav
Victoria Zerjav
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The IRS announced today that the dollar limits applicable to tax-qualified retirement plans will not increase for 2016. This follows a recent announcement that there will be no cost of living increase in Social Security benefits next year. The tax-qualified retirement plan dollar limits for 2016 will remain as follows:

  • The limit on the maximum amount of elective contributions that a person may make to a §401(k) plan, a §403(b) tax-sheltered annuity, or a §457(b) eligible deferred compensation plan is $18,000.
  • The limit on "catch-up contributions" to a §401(k) plan, a §403(b) tax-sheltered annuity, or a §457(b) eligible deferred compensation plan for persons age 50 and older is $6,000.

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