Gregory J. Cook, EA, CPA

IRS boosts contribution limits for retirement accounts in 2019

The IRS on Thursday released new contribution limits for employees who participate in 401(k) plans in 2019.

The new number for those using pre-tax funds will be $19,000 in 2019, up from $18,500 in 2018. That limit will also applies to 403(b), Thrift Savings and most 457 plans.

In 2019, you will be able to save up to $6,000 in your IRA, up from $5,500 in 2018.