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2018 Retirement Plan Contributions

In 2018, the contribution limits for retirement plans will increase but IRAs will remain the same as last year.  Participants in 401k and 403b retirement plans will be able to contribute up to $18,500.  If they are age 50 or older, they can contribute an extra $6,000.  Participants in SIMPLE IRA plans will still only be able to contribute $12,500 (if they are age 50 or older, they can contribute an extra $3,000).  The amount that can be contributed to a traditional IRA or a Roth IRA is still $5,500 with an additional $1,000 contribution permitted for people age 50 and older.

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2018 Annual Gift Tax Exclusion

The annual gift tax exclusion in 2018 is increasing from $14,000 per gift to $15,000.  That means married couples can give up to $30,000 per recipient (usually a child or grandchild).