IRS Announces new 401(k) contribution max for 2015 ($18,000)

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Fifty50
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Fifty50 »

It's great to start the morning with good news. Thanks.
zvez
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by zvez »

and the catchup contribution remains at $5500?
Imdeng
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Imdeng »

Catchup is now $6000.
zvez wrote:and the catchup contribution remains at $5500?
masteraleph
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by masteraleph »

To summarize from the link:

401k up $500 to 18000

Catch-Up up $500 to $6000

IRA unchanged at $5500 and IRA catch-up unchanged at $1000

Phase-Out ranges all up (check the link though, there are too many to summarize)

401k (etc) total maximum up $1000 to $53000

HCE status up $5000 to 120,000.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by bobbun »

The SIMPLE-IRA limit is more relevant to me. From the link, it looks like that's going from 12k to 12.5k.
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SquawkIdent
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by SquawkIdent »

Thank you for posting that link. :sharebeer
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serbeer
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by serbeer »

TFB posted this change in his blog 2 months ago yet, calculation it early with very high degree of confidence. He does that every year btw.
http://thefinancebuff.com/2015-401k-403 ... imits.html

Edit: I added a link since it used to be that it was enough to type in "TFB blog" (The Finance Buff) for it to show up in Google search, but now The Firearm Blog comes out instead :(
Fifty50
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Fifty50 »

Thanks thenextguy for making me look good this morning. Coincidentally, the rep from my employer's plan is on site today doing employee education type presentations (great program we have here). As we passed in the hall and said hello, I said I heard the IRS announced a higher limit for next year. He said "really, I need to check that out. But if you know about it it's got to be right". Dang right...
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by nwffdiver »

That's good news, but I really wish they would raise the IRA limit, so I could put more into our Roths.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Ungoliant »

Just note that most of these increases are indexed to inflation. That's obviously a good thing compared to being fixed nominal values, but it also means that it's not really good if they go up or bad if they don't, as the limits aren't actually changing in real dollars (aside from rounding error).
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thenextguy
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by thenextguy »

Ungoliant wrote:Just note that most of these increases are indexed to inflation. That's obviously a good thing compared to being fixed nominal values, but it also means that it's not really good if they go up or bad if they don't, as the limits aren't actually changing in real dollars (aside from rounding error).
Right. It's more for informational purposes. It really don't allow us to save more in real terms.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Toons »

Max It Out :happy :happy
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by sschullo »

thenextguy wrote:
Ungoliant wrote:Just note that most of these increases are indexed to inflation. That's obviously a good thing compared to being fixed nominal values, but it also means that it's not really good if they go up or bad if they don't, as the limits aren't actually changing in real dollars (aside from rounding error).
Right. It's more for informational purposes. It really don't allow us to save more in real terms.
Whether its good or bad, nominal or real, informational or not, just starting a plan for most people is what matters and that is always good.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Clever_Username »

nwffdiver wrote:That's good news, but I really wish they would raise the IRA limit, so I could put more into our Roths.
Can someone explain to me why they aren't raising the IRA limit also? I'm sure there's a logical reason for it, I just don't get it.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by serbeer »

Clever_Username wrote:
nwffdiver wrote:That's good news, but I really wish they would raise the IRA limit, so I could put more into our Roths.
Can someone explain to me why they aren't raising the IRA limit also? I'm sure there's a logical reason for it, I just don't get it.
Sure. It is due to Section 219(b)(5)(A) of Internal Revenue Code

:)
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by randomguy »

serbeer wrote:
Clever_Username wrote:
nwffdiver wrote:That's good news, but I really wish they would raise the IRA limit, so I could put more into our Roths.
Can someone explain to me why they aren't raising the IRA limit also? I'm sure there's a logical reason for it, I just don't get it.
Sure. It is due to Section 219(b)(5)(A) of Internal Revenue Code

:)
Summary: Not enough inflation. They raise number whenever there has been enough change in the CPI to get to the next 500 number. Probably another 2 years or so til the next increase.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by medinme »

It will likely be several years before IRA limits are raised to $6000.
IRS rounds the IRA limit in increments of $500.

2014 the official number was $5610 ($5500 limit) so based on the new 2014 inflation estimate of 1.7%, 2015 # raises to $5705 (5500 limit).
It would likely would take 2.5% inflation rate for the next 2 years to hit $6000 by 2017 - If inflation is the same as it is now likely 2018 or 2019 before the IRA limit is raised.
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thenextguy
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by thenextguy »

randomguy wrote:
serbeer wrote:
Clever_Username wrote:
nwffdiver wrote:That's good news, but I really wish they would raise the IRA limit, so I could put more into our Roths.
Can someone explain to me why they aren't raising the IRA limit also? I'm sure there's a logical reason for it, I just don't get it.
Sure. It is due to Section 219(b)(5)(A) of Internal Revenue Code

:)
Summary: Not enough inflation. They raise number whenever there has been enough change in the CPI to get to the next 500 number. Probably another 2 years or so til the next increase.
Right. The difference between $17,500 and $18,000 is about 3%. Thus, we've been seeing increases about every two years for 401k, etc.

The difference between $5,500 and $6,000 is about 9%. It takes much longer for inflation to eat away at that.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Angst »

medinme wrote:It will likely be several years before IRA limits are raised to $6000.
IRS rounds the IRA limit in increments of $500.

2014 the official number was $5610 ($5500 limit) so based on the new 2014 inflation estimate of 1.7%, 2015 # raises to $5705 (5500 limit).
It would likely would take 2.5% inflation rate for the next 2 years to hit $6000 by 2017 - If inflation is the same as it is now likely 2018 or 2019 before the IRA limit is raised.
And correct me if I'm wrong, but I believe it's only rounded down. So $5,999 would still translate into a $5,500 limit.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by mlipps »

Is it ok to be excited that it will be a nice round number for contributions each month? The Type A is strong in me...
853211
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by 853211 »

On the HCE limits, do you have to make that much to be classified or can a plan classify you as HCE based on the salary pool of participants? I.E., you make more than the vast majority, yet don't hit that #?

Always been curious on how it works,

Nice to see the 401k raised! :beer
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thenextguy
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by thenextguy »

mlipps wrote:Is it ok to be excited that it will be a nice round number for contributions each month? The Type A is strong in me...
I get paid biweekly instead of semimonthly. :x
Lynette
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Lynette »

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Last edited by Lynette on Wed Dec 06, 2017 9:02 am, edited 1 time in total.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by ray.james »

Lynette wrote:More money on which to pay RMDs! I'm exempt at the moment as my 401K is with my current employer. I'm not making Roth 401K contributions as they will count towards RMDs unless the money has been there for 5 years. I plan to retire in 4 years.
confused...How will they count towards RMD? could you explain further?
WHy are you exempt for 401k if I can ask/HCE?
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Lynette »

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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by LadyGeek »

Thanks, the wiki has a number of articles which need to be updated.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by abuss368 »

Thanks! If only IRAs would catch up or have the same limits.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by ofcmetz »

Toons wrote:Max It Out :happy :happy
Wish I could, but I don't think the wife is up to the austerity required for that endeavor. I've maxed my 457B and our two ROTH IRA's for the last few years. Maxing the 403B and wife's 401K has proven to be beyond my willingness to scrimp and save. :D
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by krs »

bobbun wrote:The SIMPLE-IRA limit is more relevant to me. From the link, it looks like that's going from 12k to 12.5k.
I also have a SIMPLE-IRA with my employer, and I'm glad it's being raised a little bit at least. It has always frustrated me that I'm missing out on contributing several thousand extra dollars per year to my retirement fund vs. someone else with a 401(k). Does anyone know the fundamental reason why this is the case? It just seems strange to me, and possibly a little unfair, that I'm not able to stash away as much tax-advantaged funds for retirement, simply because my employer chose one plan over the other.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Clever_Username »

Thanks for the explanations everyone. I should have remembered that $500 is a larger percent of $5500 than $17500.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by kazper »

Toons wrote:Max It Out :happy :happy
Easier said than done. Maybe one day though. In the meantime, I can dream :)
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by ERISA Stone »

853211 wrote:On the HCE limits, do you have to make that much to be classified or can a plan classify you as HCE based on the salary pool of participants? I.E., you make more than the vast majority, yet don't hit that #?

Always been curious on how it works,

Nice to see the 401k raised! :beer
Determining HCEs by compensation limit is based on the prior year compensation. So, for example, if your compensation meets or exceeds HCE limit in 2014, you will be an HCE in 2015.

If you are a greater than 5% owner of the company, you are an HCE for all plan years in which you own at least 5% during that year, regardless or your compensation.

There is also a top-paid group election option that can potentially help limit HCEs for companies that have a lot of high earners (think lawyer, doctor, architectural firms) but you would still have to reach the limit to potentially be an HCE.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Tiffku08 »

Thanks for the heads up :) :beer
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Day9 »

My 401k offers index funds with expense ratios even lower than Vanguard's Admiral Shares, AND it offers some DFA funds. I don't make a ton of money, but I max it out because the fund choices are so good. I'm very happy for any increase in contributions limits. :D
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by ray.james »

Lynette wrote: I'm nearly 71 but I don't have to take RMD's as I'm working for the company where I have my 401K. This is the one exception to the rule that you have to take RMD's at 70 1/2.

My company's Plan requires the Roth contributions to be in the 401K for 5 years before I can roll them over. So they will count towards RMDs until then. I'm not exactly sure of all of the details but its complicated. As I'm fairly close to retirement, I don't have the advantage of many years of growth in a tax-advantaged account. In addition, I'll be in the same tax bracket in retirement as now - full SS, pensions and RMDs so Roth contributions are not really helpful.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by baw703916 »

Have the Roth income limits and contribution phase-out region been announced? I couldn't find it in the statement.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Mudpuppy »

baw703916 wrote:Have the Roth income limits and contribution phase-out region been announced? I couldn't find it in the statement.
It's in bullet point #5 in the statement. Quote:
The AGI phase-out range for taxpayers making contributions to a Roth IRA is $183,000 to $193,000 for married couples filing jointly, up from $181,000 to $191,000 in 2014. For singles and heads of household, the income phase-out range is $116,000 to $131,000, up from $114,000 to $129,000. For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
mlipps wrote:Is it ok to be excited that it will be a nice round number for contributions each month? The Type A is strong in me...
It's not just you... since my employer's plan doesn't let us select "max out annual contribution", having a nice, even $1500 a month makes me happy too.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by Flashes1 »

serbeer wrote:Edit: I added a link since it used to be that it was enough to type in "TFB blog" (The Finance Buff) for it to show up in Google search, but now The Firearm Blog comes out instead :(
Thanks for the tip----the Firearm Blog is quite informative. I'd not seen it before.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by flyingbison »

kazper wrote:
Toons wrote:Max It Out :happy :happy
Easier said than done. Maybe one day though. In the meantime, I can dream :)
I don't even bother dreaming about it. :wink: Never going to happen for me.
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ginmqi
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by ginmqi »

Question: the IRS says that defined contribution plans has a hard limit of $53,000. (the 415 limit) Employee-only part we can only contribute $18,000. So my question is...how the heck can I max out the "real" max of 53000?
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by busdriver »

ginmqi wrote:Question: the IRS says that defined contribution plans has a hard limit of $53,000. (the 415 limit) Employee-only part we can only contribute $18,000. So my question is...how the heck can I max out the "real" max of 53000?
You need to have an employer that also contributes to your Defined Contribution Plan.
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JoMoney
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by JoMoney »

ginmqi wrote:Question: the IRS says that defined contribution plans has a hard limit of $53,000. (the 415 limit) Employee-only part we can only contribute $18,000. So my question is...how the heck can I max out the "real" max of 53000?
You can only contribute $18,000 pre-tax. Some plans allow for post-tax contributions, but the details are unique to each plan.
My employers plan allows for the employee to contribute up to 50% of their salary to the 401k, they can choose to put the money in pre-tax or post-tax (or a combination). The amount put in pre-tax is limited to $18,000 , any contributions after that is taxed. So an employee who makes $106,000 a year can contribute 50% of their salary = $53,000 contribution.
The first $18,000 is pretax the remaining $35,000 would be fully taxed before going into the plan, but would max out the $53,000 limit.
The after tax money is accounted for separately in the plan, as you will not have to pay taxes again on the after-tax money when it's withdrawn, but all the earnings will be taxed as ordinary income.
My employer also makes a matching% contribution to the plan, so whatever their contribution is also has to be included when adding up to the total max contribution.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by The Wizard »

busdriver wrote:
ginmqi wrote:Question: the IRS says that defined contribution plans has a hard limit of $53,000. (the 415 limit) Employee-only part we can only contribute $18,000. So my question is...how the heck can I max out the "real" max of 53000?
You need to have an employer that also contributes to your Defined Contribution Plan.
It has to do with Mandatory vs Optional contributions as well.
My former employer had a 403(b) plan (similar but somewhat better than 401(k)).
Under that plan, we were REQUIRED to contribute 5% of gross pay and the employer contributed 10% of gross pay.
Additionally, we had an optional Supplemental plan to which we could contribute this $18,000 amount (lower in previous years).
All of these contribs were pre-tax.
The extent to which max contribs could approach that current $53K limit is/was dependent on one's gross salary...
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by baa_10 »

Additional insight around the total contribution limit for us older folks with a 401(k) plan......

The total contribution limit for both employee and employer contributions to 401(k) defined contribution plans under section 415(c)(1)(A) increases to $53,000 ($59,000 if age 50 or older).
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by abuss368 »

I posted an earlier question above: Does anyone know why IRAs have never had the same contribution limits as 401(k)'s?
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by The Wizard »

abuss368 wrote:I posted an earlier question above: Does anyone know why IRAs have never had the same contribution limits as 401(k)'s?
Not really, but most likely it had something to do with politicians, so we have to tread lightly...
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by dbCooperAir »

abuss368 wrote:I posted an earlier question above: Does anyone know why IRAs have never had the same contribution limits as 401(k)'s?
Don't know why but I really wish they would just set max limit per person that you can send to a 401k/403b/457/IRA/etc. The current system sure could be cleaned up as far as I'm concerned. I feel for the person who makes a decent wage and the company does not offer a tax advantaged plan.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by MarcVH »

abuss368 wrote:I posted an earlier question above: Does anyone know why IRAs have never had the same contribution limits as 401(k)'s?
The higher contribution limits of 401(k) plans is the "carrot" to entice firms to offer them, since those higher limits are primarily of interest to the highest paid employees (which presumably includes the decision makers.) In order to get this benefit they need to offer the plan to all employees and to persuade a certain number to participate, frequently by offering matching contributions.
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Re: IRS Announces new 401(k) contribution max for 2015 ($18,

Post by rai »

Yippie, I'll turn 50 next year so I can add the catch-up for the first time.
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