Stay Informed: IRS Limits
Find out how much you can save for retirement.
Review the IRS limits for 2019
The IRS has announced the 2019 contribution limits for retirement savings accounts, including contribution limits for 401(k), 403(b), and most 457 plans, as well as income limits for IRA contribution deductibility. Contribution limits for Health Savings Accounts (HSAs) have also been announced. Please review an overview of the limits below.
| 401(k), 403(b), and most 457 plans | ||
| 2018 | 2019 | |
| Age 49 and under | $18,500 | $19,000 |
| Age 50 and older | Additional $6,000 | Additional $6,000 |
The IRS has also set limits on the total amount that may be contributed to your retirement savings account from all sources combined, including any employer matching or profit-sharing contributions, and any employee after-tax contributions. For 2019, the maximum is typically the lesser of 100% of compensation or $56,000. However, your employer's retirement plan might limit the compensation to something less than 100%; please refer to your plan's Summary Plan Description or plan document for other applicable limits.
The annual compensation limit is $280,000. You can make contributions up to the IRS contribution limits noted above or up to $280,000. You must contribute at least 6.8% if your 401(k)/403(b)/457(b)-eligible earnings are more than $280,000 and you want to contribute the $19,000 maximum that the IRS allows.
| Roth and Traditional IRA contribution limits | ||
| 2018 | 2019 | |
| Age 49 and under | Up to $5,500 (must have employment compensation) | Up to $6,000 (must have employment compensation) |
| Age 50 and older | Additional $1,000 | Additional $1,000 |
| Traditional IRA modified adjusted gross income limit for partial deductibility | ||
| 2018 | 2019 | |
| Single | $63,000 - $73,000 | $64,000 - $74,000 |
| Married - Filing joint returns | $101,000 - $121,000 | $103,000 - $123,000 |
| Married - Filing separately | $0 - $10,000 | $0 - $10,000 |
| Non-active participant spouse | $189,000 - $199,000 | $193,000 - $203,000 |
| Roth IRA modified adjusted gross income phase-out ranges* | ||
| 2018 | 2019 | |
| Single | $120,000 - $135,000 | $122,000 - $137,000 |
| Married - Filing joint returns | $189,000 - $199,000 | $193,000 - $203,000 |
| Married - Filing separately | $0 - $10,000 | $0 - $10,000 |
| *As of 2010, there is no income limit for taxpayers who wish to convert a traditional IRA to a Roth IRA. | ||
| Health Savings Account (HSA) contribution limits | ||
| 2018 | 2019 | |
|
Individual (employer + employee) |
$3,450 | $3,500 |
|
Family (employer + employee) |
$6,900 | $7,000 |
| Age 55 or older** | Additional $1,000 | Additional $1,000 |
|
**Catch-up contributions can be made any time during the year in which the HSA participant turns 55. |
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Next Steps
If you are not saving to the max in your workplace savings plan today, consider increasing your contribution in 2019 to the IRS limit of $19,000 to help reach your retirement savings goals.
Visit the contribution page on NetBenefits to review your current contribution rate and update it if necessary.