With final rush
of 2018 year-end planning, many taxpayers are making a New Year’s resolution to
not go through that again. Fortunately, the IRS announced the 2019 deferred
compensation contribution limits in it Notice 2018-83. That Notice contained
higher limits for the coming year, which would be wise to take advantage of.
Briefly, the limits identified in the Notice include:
·
The
salary deferral limit for 401(k), 403(b) and 457 plans increases to $19,000.
·
The
SIMPLE deferral limit increases to $13,000.
·
The
annual additions limit for defined contribution plans increases to $56,000.
·
The
annual additions limit for defined benefit plans increases to $225,000.
·
The
annual compensation limit increases to $280,000.
·
The
Social Security Wage Base increases to $132,900.
·
The
compensation limit for determining who is a highly compensated employee
increased for the first time in five years, and is now $125,000.
These
are specifically outlined in the Notice
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