IRS Updates 2025 Retirement Limits and Deductions
IRS Updates 2025 Retirement Limits and Deductions
IRS Updates 2025 Retirement Limits and Deductions
News summary

The IRS has announced several updates to retirement contribution limits for 2025, including an increase to $23,500 for 401(k), 403(b), and federal Thrift Savings Plan contributions, up from $23,000 in 2024. IRA contribution limits remain at $7,000, with a $1,000 catch-up for those aged 50 and older. Roth IRA income phase-out ranges have adjusted to between $150,000 and $165,000 for single filers and $236,000 to $246,000 for married couples filing jointly. Additionally, the IRS has revised federal tax brackets and increased the standard deduction for 2025, allowing single filers a deduction of $15,000 and married filers jointly $30,000. These adjustments follow the Social Security Administration's announcement of a 2.5% cost-of-living increase for benefits in January. Meanwhile, Canada's pension contribution limits have been updated with the Year's Maximum Pensionable Earnings set to $71,300 for 2025.

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3 min ago
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38% Unrated
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