IRS Raises Retirement Contribution Limits, Standard Deduction
The agency last week announced increases to the standard deduction in its annual inflation adjustments for 2025. For single taxpayers and married individuals filing. However, the irs noted in its announcement that the annual contributions to an ira account will remain at $7,000 for 2025. The ira catch‑up contribution limit for individuals. The agency last week announced increases to the standard deduction in its annual inflation adjustments for 2025.
Irs raises retirement contribution limits, standard deduction. The irs on friday announced an increase to the amount individuals can contribute to their 401(k) plans in. The amount that individuals can contribute to their simple retirement accounts will increase to $16,500 in 2025, up from $16,000 in 2024. Some annual contributions remain the same. For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from. The new contribution limit for 401 (k)s and other workplace retirement plans in 2025 will be $23,500, up from $23,000 currently, the internal revenue service said friday. The 401 (k) contribution limit for 2025 is $23,500, up from $23,000 in 2024.