Retirement plan contribution limits remain the same for 2016:
- The maximum elective deferrals for individuals who participate in 401(k), 403(b), and 457 plans remain at $18,000.
- The catch-up contribution for participants age 50 and older remain at $6,000.
- The maximum contribution for defined contribution pension plans remain at $53,000.
Do you need a larger income tax-deduction? We can help! Call today (800) 680-5596.