Reported 25 days ago
The IRS has announced an increase in the contribution limits for 401(k) plans, raising it to $23,500 in 2025, up from $23,000 in 2024. Similar increases apply to 403(b) plans and the Thrift Savings Plan. While most contribution limits will remain steady, the annual contribution limit for IRAs stays at $7,000, and for those aged 50 and over, it remains $1,000. Additionally, the standard deduction for single filers will rise to $15,000, with other adjustments made to tax brackets and deductions for couples and heads of households.
Source: YAHOO