Benefit and Contribution Limits for 2018
Understanding the Importance of Benefit and Contribution Limits
Richardson Law Firm PC aims to provide you with the most relevant and up-to-date information regarding benefit and contribution limits for the year 2018. As a trusted source in the field of Law and Government, we understand the significance of staying informed about the latest regulations and guidelines.
Maximizing Your Benefits
When it comes to benefits and contributions, it's crucial to be aware of the limits set by regulatory bodies. These limits determine the maximum amount individuals and organizations can contribute towards various plans or programs, ensuring fair distribution and preventing misuse of funds. By understanding these limits, you can make informed decisions and maximize the benefits available to you.
Key Updates for 2018
Our team at Richardson Law Firm PC has compiled a comprehensive list of the benefit and contribution limits for the year 2018, covering various areas such as retirement plans, healthcare plans, and tax-advantaged accounts. Here are some key updates:
Retirement Plans
- 401(k) Contributions: The maximum contribution limit for 401(k) plans for individuals under the age of 50 is $18,500 in 2018. However, those aged 50 and above can make catch-up contributions of up to $6,000 additionally.
- IRA Contributions: The annual contribution limit for Traditional and Roth IRAs stands at $5,500 for those under 50 years of age, with an additional catch-up contribution of $1,000 for individuals aged 50 and above.
- SIMPLE IRA: The maximum contribution limit for SIMPLE IRAs has been increased to $12,500, with a catch-up contribution limit of $3,000 for individuals aged 50 and above.
Healthcare Plans
It's essential to be aware of the limitations in healthcare plans to effectively manage your medical expenses. Here are a few important details:
- Health Savings Account (HSA): For individuals with high-deductible health plans, the maximum HSA contribution for self-only coverage is $3,450, while for family coverage it stands at $6,900.
- Flexible Spending Account (FSA): The FSA annual contribution limit is $2,650 per employee. However, employers may have additional restrictions, so it's important to consult your specific plan.
Importance of Compliance
Compliance with benefit and contribution limits is crucial to avoid penalties and legal complications. At Richardson Law Firm PC, we emphasize the significance of staying within the set limits while maximizing available benefits. Our team of knowledgeable attorneys can guide you through complex legal regulations and provide you with the necessary advice to ensure compliance.
Consult Richardson Law Firm PC for Legal Assistance
If you require legal assistance regarding benefit and contribution limits, Richardson Law Firm PC is here to help. With our expertise in Law and Government, we can provide you with the best possible guidance and ensure your compliance with relevant regulations. Contact us today to schedule a consultation with one of our experienced attorneys.
