Tax Law Changes for 2019

IRA Contributions The maximum contribution amount for tax year 2019 is $6,000. The catch-up contribution increases to $1,000. Therefore, taxpayers age 50 and older can contribute up to $7,000 (from $6,500). Elective Deferrals The maximum deferral to 401(k) plans, 403(b) annuities, 457 deferrals, and salary reduction SEPs increases to $19,000 (from $18,500). The maximum contribution to a […]