2019 Qualified Retirement Plan Contribution Limits
just south of ‘Sawmill Creek…..
Hi Attorney Kevin Pritchett here
2019 Qualified Retirement Plan Contribution Limits
A ‘Qualified’ Retirement Plan is a plan==savings program just for retirement==money placed in grows tax deferred==special tax rules apply to each type of qualified plan
2019 Qualified Plan Contribution Limits
The saying ‘there’s no free lunch ‘applies equally to Qualified Retirement Plans.
While Uncle Sam allow your money to grow tax deferred, they at the same time place limits on the amount of money you can put into each type of Qualified Plan in any given year.
In 2019 here are the maximum amounts you can contribute per year per person in each type of Qualified Plan:
Traditional and Roth IRA
IRA: $6,000 per person per year;
$7,000 over 50
Roth IRA: $6,000 per person per year;
$7,000 over 50
401k /403b/457 Plans401k/403b/457:
$19,000 per person; age 50 catch up: $6,000
Employer match or profit sharing contributions
aren’t included in these limits. 401k and 403b
share the same limit.
The 457 plan limit is separate.
You can contribute to both a 401k/403b plan
and a 457 plan.
Total Employer Contributions In
Defined Contribution Plans
Total Employer+ Employee Contribution: $56,000
The total employer plus employee contributions
to all defined contribution plans by the same
employer will increase by $1,000 from $55,000
in 2018 to $56,000 in 2019.
The age-50-or-over catch-up contribution is on top of this limit.
Income Limits
Of course NOTHING from the government is easy. There are income limits associated with each type of Qualified Plan.…something about there being ‘no free lunch!’
Reach Out To Me If You Have Questions.
If you have comments or questions about any of this…send me an email :ironkop@gmailcom or if reading on my blog or Facebook page leave your questions or comments below.
Remember…..
“Things Don’t Get Better With Neglect…..”
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.
312-505-1957
ironkop@gmail.com
www.KevinPLaw.com
