Author: Saaib Uppal, CPA, QKA

IRS Announces Increases on Benefits and Contributions Dollar Limitations for 2025

November 06, 2024

  The Internal Revenue Service has announced adjustments on the limitations affecting retirement plans. In particular, participants can now elect to defer up to $23,500 to 401(k), 403(b), and 457(b) Plans in 2025 compared to $23,000 in 2024. Below is a chart that outlines updated employee benefit plan limits: PLAN LIMITS RETIREMENT & SOCIAL SECURITY … Continued

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IRS Announces Increases on Benefits and Contributions Dollar Limitations for 2024

November 03, 2023

The IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes. Below is a chart that outlines employee benefit plan limits for 2024: Plan Limits RETIREMENT & SOCIAL SECURITY 2024 Limit 2023 Limit 2022 Limit Section 401(k), 403(b), 457(b) Elective Deferrals $23,000 $22,500 $20,500 401(k) or 403(b) Catch-Up Contributions $7,500 $7,500 $6,500 … Continued

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2023 Plan Limits

October 24, 2022

Posted By: Saaib T. Uppal, CPA, QKA IRS Announces Increases on Benefits and Contributions Dollar Limitations for 2023 The IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes. Below is a chart that outlines employee benefit plan limits for 2023: Plan Limits RETIREMENT & SOCIAL SECURITY 2023 Limit 2022 Limit 2021 Limit … Continued

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2022 Plan Limits

November 05, 2021

Posted By: Saaib T. Uppal, CPA, QKA IRS Announces Increases on Benefits and Contributions Dollar Limitations for 2022 The IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes.   Below is a chart that outlines employee benefit plan limits for 2022   Plan Limits   RETIREMENT & SOCIAL SECURITY 2022 Limit … Continued

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Withdrawal Liability Disclosures: Do They Turn Multiemployer Plans into Hotel California?

September 21, 2021

When I was a Teaching Assistant in College, group projects would inevitably result in complaints that some students were not pulling their weight.

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2021 Plan Limits – IRS Announces Increases on Benefits and Contributions Dollar Limitations

October 27, 2020

Posted by Saaib T. Uppal, CPA, QKA The IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes. Below is a chart that outlines employee benefit plan limits for 2021: PLAN LIMITS RETIREMENT & SOCIAL SECURITY 2021 Limit 2020 Limit 2019 Limit Section 401(k), 403(b), 457(b) elective deferrals  $19,500  $19,500  $19,000 401(k) … Continued

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2020 Plan Limits – IRS Announces Increases on Benefits and Contributions Dollar Limitations

November 15, 2019

Posted by Saaib T. Uppal, CPA, QKA The IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes. Below is a chart that outlines employee benefit plan limits for 2020: PLAN LIMITS RETIREMENT & SOCIAL SECURITY 2020 Limit 2019 Limit 2018 Limit Section 401(k), 403(b), 457(b) elective deferrals  $19,500  $19,000  $18,500 401(k) … Continued

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IRS Announces Increases on Benefits and Contributions Dollar Limitations

November 08, 2018

The IRS has announced  cost-of-living adjustments that should be noted for retirement planning purposes.

Below is a chart that outlines employee benefit plan limits for 2019:

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IRS Announces Increases in Benefit and Contribution Dollar Limits

October 20, 2017

As required by IRC Section 415, the IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes.

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What the IRS can Learn from Amelia Bedelia: The IRS Forfeits to Common Sense when Applying Forfeited Funds to Safe Harbor Contributions

June 13, 2017

Some of my most memorable childhood stories were those of Amelia Bedelia by Peggy Parish.

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Belfint Lyons Shuman is a Certified Public Accounting (CPA) firm that audits Defined contribution plans (profit-sharing, 401(k), 403(b) , 401(a), 457(b))), and Defined benefit plans (pension and cash balance), and Health and welfare plans. We serve a variety of plan sponsors including for-profit, nonprofit, governmental, and Taft-Hartley collectively-bargained plans located in Delaware, Pennsylvania, New Jersey, Maryland, Washington, D.C., Virginia, Massachusetts, and nationally. For additional information contact us at info@belfint.com