We’re nearing the end of the year, and people are starting to think ahead to 2019.
November brings open enrollment season for many workers, so individuals and families are thinking about their benefits for 2019.
Many people save so much that they maximize the contributions to retirement accounts such as 401(k)s and Roth IRAs. The IRS sets limits on annual contributions for many of these accounts.
These amounts often change from year to year based on inflation. Congress has often written these types of inflation adjustments into the tax law so that they do not need to pass a law every year to change the contribution limits.
Contribution limits and income phaseouts do not necessarily change every year, because for simplicity the limits only increase in pre-specified increments ($50-$1,000).
In this article, I summarize the major changes to the contribution limits and income phaseouts for 2019, courtesy of the recently published IRS guidance and the open enrollment packet I recently received from my hospital.
401(k), 403(b), Most 457, and TSP Plan Contribution Limits in 2019
The maximum contribution to 401(k), 403(b), most 457, and TSP plans have increased from $18,500 to $19,000 for 2019.
Catch-up contributions for individuals 50 and older remains at $6,000 for 2019. This means that people 50 and older can contribute a maximum of $25,000 to their 401(k), 403(b), 457, or TSP plans in 2019 (up from $24,500 in 2018).
| Contribution Limits to 401(k), 403(b), most 457, and TSP Plans | ||
| Age | 2018 | 2019 |
| 49 and younger | $18,500 | $19,000 |
| 50 and older | $24,500 | $25,000 |
Traditional and Roth IRA 2019 Contribution Limits
The IRA contribution limit, which was $5,500 for 2013-2018, has been increased to $6,000 for 2019.
This limit applies to both traditional and Roth IRAs.
| Contribution Limits to Individual Retirement Accounts (IRA) | ||
| Account | 2018 | 2019 |
| Traditional IRA | $5,500 | $6,000 |
| Roth IRA | $5,500 | $6,000 |
The income phaseout limits for traditional IRAs have changed from $64,000-$74,000 for singles (up from $63,000-$73,000) and $103,000-$123,000 for married filing jointly couples (up from $101,000-$121,000).
| Income Phaseout Limits for Traditional IRAs | ||
| Filing Status | 2018 | 2019 |
| Single | $63,000-$73,000 | $64,000-$74,000 |
| Married Filing Jointly | $101,000-$121,000 |
$103,000-$123,000
|
For Roth IRAs, the income phaseout limits have changed from $122,000-$137,000 for singles (up from $120,000-$135,000) and $193,000-$203,000 for married filing jointly couples (up from $189,000-$199,000).
| Income Phaseout Limits for Roth IRAs | ||
| Filing Status | 2018 | 2019 |
| Single | $120,000-$135,000 |
$122,000-$137,000
|
| Married Filing Jointly | $189,000-$199,000 |
$193,000-$203,000
|
Remember that even if you exceed these income phaseout limits for Roth IRA contributions (as most attending physicians do), you may still contribute to a Roth IRA via the so-called backdoor Roth, which consists of a nondeductible contribution to a traditional IRA followed by a rollover to a Roth IRA.
Health Savings Account, Healthcare FSA and Dependent Care FSA Contribution Limits for 2019
Maximum annual contributions limits to a health savings account (HSA) have increased to $3,500 for people in an employee-only health insurance plan in 2019 (previously $3,450) and to $7,000 for taxpayers in family plans (previously $6,850).
| Contribution Limits for Health Savings Account Plans | ||
| Health Plan | 2018 | 2019 |
| Employee-Only Health Plan | $3,450 | $3,500 |
| Family Health Plan | $6,850 | $6,900 |
If you contribute to a healthcare flexible savings accounts (healthcare FSA), the maximum contribution limit increased in 2019 to $2,650 (from $2,600).
Related Article: Health Savings Account (HSA) or Healthcare Flexible Savings Account (FSA)?
The dependent care FSA account contribution limit remains unchanged at $5,000 for 2019.
| Contribution Limits for Healthcare FSA and Dependent Care FSA Plans | ||
| Account | 2018 | 2019 |
| Healthcare FSA | $2,600 | $2,650 |
| Dependent Care FSA | $5,000 | $5,000 |
Conclusion
The contribution limits for most retirement accounts increased slightly due to inflation adjustments. Make sure you’re aware of these changes to be sure you are maximizing the money that goes into these tax-advantaged accounts.
What do you think? Which accounts do you plan to max out for 2019?
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Thanks for the update.
I hadn’t looked ahead to 2019, but it is certainly time to start planning for that.
Great news about all the increases.
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I had just looked this up last week and was glad to see the increases. Every little bit helps, right? Now to decide whether to contribute to the 401k up front or over the course of a year
What is the new limit for individual 401k’s, where we contribute both employee and employer portions?
Thank you for publishing this and all the work that you do. I enjoy following.
Small point but, I believe the family limit for 2018 is $6900
“HSA Revenue Procedure 2018-27 (dated April 26, 2018) raised that limit back to $6,900. The limit stated in the publication is correct. For 2018, if you have family HDHP coverage, you can contribute up to $6,900. The contribution limit for self-only HDHP coverage remains at $3,450”
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