While the announcement of the official IRS limits for 2016 is a few weeks off, we do have a projection.
Consultant Mercer projects IRS limits for qualified retirement plans and IRA deductible contributions won’t increase in 2016, after applying the Code’s rounding rules. That said, the thresholds for adjusted gross income (AGI) used to determine eligibility for the saver’s credit and certain filers with IRAs or Roth IRAs are projected to increase slightly.
These unofficial projections use the Code’s cost-of-living adjustment methods, Consumer Price Index for All Urban Consumers (CPI-U) values through August, and Mercer’s projected CPI-U value for September.
The IRS is expected to announce actual 2016 limits for benefits next month. Stay tuned.
