This year brings some adjustments to the Retirement Plan contribution limits as well as phaseouts. The changes for 2021 include:
- Increase in defined benefit plan contributions to $58,000 (from $57,000)
- Increase in the maximum includible compensation to $290,000 (from $285,000)
- Increase in SEP participation limit $650 (from $600)
- Increase in IRA deduction phaseouts:
- for Single taxpayers to $66,000-$76,000 (from $65,000-$75,000)
- for Married Filing Jointly taxpayers to $105,000-$125,000 (from $104,000-$124,000)
- for Non-active Participant married to Active Participant to $198,000-$208,000 (from $196,000-$206,000)
The full list of 2021 Annual Limits is available should you wish to review it ….
