2025 contribution limit for 401(k) plans is $23,500, up from $23,000 in 2024. IRA contribution limit remains $7,000.
The IRS on Friday announced an increase to the amount individuals can contribute to their 401 plans in 2025 — to $23,500, up from $23,000 in 2024.The Internal Revenue Service detailed the increases in its annual cost-of-living adjustments for pension plans and other retirement accounts.Workers who participate in 403 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.
For single taxpayers and married individuals filing separately in tax year 2025, the standard deduction is rising to $15,000 — up $400 from 2024.For couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior. And heads of households will get a $22,500 standard deduction, up $600 from 2024.Income thresholds for all seven federal tax bracket levels were also revised upward.Last month, the Social Security Administration announced a 2.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inspiring Nail Trends for Fall 2024 / Winter 2025 2024 / 2025 » Fashion AllureLatest Fashion Trends, Shoes and Accessories, Celebrity Style
Read more »
When is the 2025 Ballon d'Or Ceremony?The 2025 Ballon d'Or ceremony will unfold in Oct. 2025 at the Théâtre du Châtelet.
Read more »
Taxpayers in 24 states, including Idaho, may file their returns directly with the IRS in 2025The IRS is expanding its program that allows people to file their taxes directly with the agency for free. The program is being made available to taxpayers in Idaho but not in Utah.
Read more »
Over 40 Florida counties eligible to file 2023 taxes by May 2025, IRS saysAccording to the IRS, residents in nearly 40 counties throughout Florida will have until May 1, 2025, to finish filing their 2023 taxes.
Read more »
IRS announces pension and retirement plan contribution adjustments for 2025The IRS has announced an increase to the amount individuals can contribute to their 401(k) plans in 2025, to $23,500, up from $23,000 in 2024.
Read more »
IRS announces 401(k) contribution limits for 2025The IRS has announced higher 401(k) contribution limits for 2025. Here’s what savers need to know.
Read more »