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.
