2015 pension contribution limits set


The IRS in News Release IR-2014-99 announced 2015 limitations and adjusted gross income (AGI) phaseout ranges for retirement plan contributions:

  • Secs. 401(k), 403(b), and most 457 plan deferrals: $18,000; catch-up contribution for employees age 50 and over: $6,000.
  • Individual retirement arrangement (IRA): $5,500; catch-up contribution: $1,000.
  • AGI phaseout for traditional IRA contributions if covered by workplace retirement plan: single and head of household, $61,000–$71,000; married filing jointly, contributor covered by workplace plan, $98,000–$118,000; contributor not covered by workplace plan but spouse is covered, $183,000–$193,000.
  • AGI phaseout for Roth IRA contributions: single and head of household: $116,000–$131,000; married filing jointly: $183,000–$193,000.

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When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.