By Katie Lobosco
The maximum amount of money you can sock away in your 401(k) in 2016 will be the same as this year: $18,000.
Each year, the limits are reviewed and sometimes increased. Last year the amount jumped by $500, but low inflation since then means it won’t be going up next year, the IRS said Wednesday.
The contribution caps will also remain at $18,000 for other tax-deferred retirement accounts like the 403(b), most 457 accounts and the federal government’s Thrift Savings Plan.
Contribution limits for IRAs will also remain unchanged, at $5,500.
But there are some small changes the IRS will make in 2016 that affect who can contribute to a Roth IRA and who can deduct contributions to an IRA from their taxable income.
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