Workers who participate in 403(b) and the federal government's Thrift Savings Plan will also be able to increase their annual contribution to $23,500 in 2025, up from $23,000 in 2024. Some annual contributions
IRS Clarifies 403(b) Plan Termination ProcessChristopher K. Buch
Contribution limits for 403(b) plans2024 2025 Employee pre-tax and Roth contributions4 $23,000 $23,500 Employee "lifetime" ("15 year" or "special") catch-up contributions5 $3,000 $3,000 Maximum annual contributions6 $69,000 $70,000 Age 50+ catch-up contributions4 $7,500 $7,500 ...
On November 1, 2024, the Internal Revenue Service released the 2025 retirement plan contribution limits and other key numbers for investment accounts. While contribution limits for employer sponsored plans like the Thrift Savings Plan (TSP) are increasing in 2025, IRA contributions will remain the ...
There are limits onadjusted gross incomefor the credit, however. For the 2022 tax year, married couples filing jointly are eligible if their incomes do not exceed $68,000. For 2023, the limit rises to $73,000.6For 2022, singles and married couples filing separately can claim the credit if...
Deadlines Extended for 403(b) Plans and Pre-Approved Defined Benefit Plans Extension of Initial Remedial Amendment Period for 403(b) Plans The IRS is extending the last day of the initial remedial amendment period for Section 403(b) plans from March 31, 2020, to June 3...
On Nov., 1, 2024, the IRS boosted annual contribution limits for 2025 for 401(k), 403(b), and most 457 plans. Plan participants can contribute up to $23,500 for 2025, which is up from $23,000 for 2024. This is a good time to consider adding a retirement savings program to your...
Prior to the issuance of the final Treasury Regulations under Section 403(b) in 2007 (the “Section 403(b) Regulations”), no rules existed as to whether a Section 403(b) plan could be terminated for tax purposes and, if so, how to do it. Thus, while employers could freeze their Sec...
The IRS and Social Security Administration have announced adjusments and limits to various employer-sponsored retirement and welfare benefit plans for 2021.
Deadline for Filing IRS Modifies 403(b) Pre-Approved Plan Program, Extends Deadline for FilingIRS Modifies 403(b) Pre-Approved Plan Program, Extends Deadline for FilingElizabeth Thomas Dold