The tax law places limits on contributions to retirement plans and individual retirement arrangements. These limits are adjusted annually for cost-of-living increases, but for 2016 most contribution limits are unchanged.
For example, the elective deferral limit for 401(k) plans remains at $18,000, the compensation cap for qualified retirement plans remains at $265,000, and the contribution limit for IRAs remains at $5,500. Many other limits will remain unchanged as well.
NOTE: The Wheeler Group LLC agents or employees do not give tax or legal advice. Clients must consult their own tax or legal advisors regarding their individual situations.