The IRS announced the 2016 retirement plan limits yesterday. The cost-of-living index was not high enough to cause adjustments for the 2016 tax year. However, the AGI phase-out range for IRA and Roth IRA contributions increased $1,000 from 2015. Review the official announcement from the IRS for more details: IRS Announces 2016 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2016. Highlights are shown below.
All announced tax changes will be included for the 2016 updates from Money Tree Software, available in January of the new year.
