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Released: December 27, 2012
IRS raising limits on retirement contributions
Source: Jia Lynn Yang, Washington Post (Free Registration)
The expiring Bush tax cuts aren’t the only laws worth watching for investors as the year ends. A number of new rules are kicking in next year that will allow workers to stash away more money in their 401(k)s and individual retirement accounts.
To keep up with inflation, the Internal Revenue Service announced this year that the annual limit on contributions to 401(k) plans is rising to $17,500 from $17,000. Annual contributions to IRAs, both traditional and Roth, are rising to $5,500 from $5,000, the first time since 2008 that the limit has gone up.
In addition to raising the contribution limits, the IRS has also expanded how many people are eligible to contribute to Roth IRAs.
Read Full Article: IRS raising limits on retirement contributions
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