Reported 25 days ago
The IRS has announced an increase in the contribution limits for 401(k) and other retirement plans for the 2025 tax year, raising the annual limit from $23,000 to $23,500. Several retirement plans, including 403(b) and governmental 457 plans, will see similar increases. While contribution limits for Individual Retirement Accounts (IRAs) remain unchanged at $7,000, the income thresholds for tax deductions associated with traditional and Roth IRAs have been adjusted upward.
Source: YAHOO