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IRS announces 2018 cost-of-living adjustments

The IRS has announced the 2018 cost-of-living adjustments (COLAs) for retirement plans. Among the limits increasing as of Jan. 1, 2018, are those for defined contribution plans and defined benefit plans. The maximum amount you can contribute to a 401(k) plan will increase to $18,500, from $18,000. However, some plan limits remain unchanged. For example, the most an employee can defer under a SIMPLE plan remains $12,500 and the deductible amount for an IRA or Roth IRA will be unchanged at $5,500.

Check out the COLAs here

 

Full retirement plan COLAs: http://bit.ly/2yUfAaf.

 

Bradley H. Kearns, CPA, bkearns@sek.com

Nathaniel L. Fissel, CPA, MST, nfissel@sek.com

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