IRS announces pension and retirement plan contribution adjustments for 2025

Published November 1, 2024 9:00 AM

Associated Press

WASHINGTON (AP) — The IRS has announced an increase to the amount individuals can contribute to their 401(k) plans in 2025, to $23,500, up from $23,000 in 2024. The Internal Revenue Service detailed the increases on Friday in its annual cost-of-living adjustments for pension plans and other retirement accounts. The agency last week announced increases to the standard deduction in its annual inflation adjustments for 2025. For single taxpayers and married individuals filing separately in tax year 2025, the standard deduction is rising to $15,000 — up $400 from 2024.

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The Associated Press

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